The European Bank for Reconstruction and Development (EBRD) is working closely with the European Union (EU) to support green hydrogen projects in the Suez Canal Economic Zone, as work is underway to launch a green hydrogen strategy in Egypt in cooperation with the Ministries of Electricity and Petroleum, Heike Harmgart, Executive Director of the Southern and Eastern Mediterranean Region at EBRD, told the Middle East News Agency.
The Cabinet had announced that Egypt aims, through the launch of the 'National Strategy for Green Hydrogen', which is expected to be officially announced, to increase the gross domestic product between 10 to 18 billion dollars by 2025.
Harmgart explained that 19 memoranda of understanding were signed between international companies and Egyptian investors within a partnership agreement, which would move them to the stage of implementing projects to become a reality, in order to make green hydrogen available for both local consumption and global export of green ammonia and green hydrogen fertilizers, using many innovative technology tools globally and locally.
'We are pleased that 19 international companies have so far signed memoranda of understanding [MoUs] with Egyptian companies regarding these projects, which represents a great benefit for the private sector. Nine companies have also moved from the stage of [MoU] to drawing up a framework for agreement and investment and preparing feasibility studies to turn memoranda of understanding into actual projects on the ground in the Suez Canal Economic Zone,' Harmgart said.