May 22 (Renewables Now) - The Egyptian government is planning to offer an incentive to support the production of green hydrogen at a rate ranging from 33% to 55% of taxes due, the Minister of Finance Mohamed Maait said last week.
The announcement was made during a forum of the Canada-Egypt Business Council (CEBC). The measure is part of a package of incentives aimed at driving a recovery of the macroeconomic indicators in the North African country.
In addition to hydrogen production, the government is planning to introduce a financial incentive covering up to 35% of the cost of producing electric cars locally.
Egypt is seeking to play a major role in the global green hydrogen market, attracting international investors with projects for billions of dollars. Last November, a consortium of developers began the commissioning of Africa's first electrolyser in Ain Sokhna close to the Suez Canal Economic Zone.