Egypt has signed seven agreements worth $40 billion on the development of green hydrogen and renewable energy projects in the Suez Canal Economic Zone, the Egyptian cabinet said on Wednesday.
"Seven agreements have been signed with international developers on the advancement of projects in green hydrogen and renewable energy in the Suez Canal Economic Zone," the cabinet said in a statement, adding that the investments within the projects would amount to approximately $40 billion over a 10-year period.
Egypt has been actively working on the development of the Suez Canal Economic Zone over the past 10 years. In particular, work is underway on the modernization of ports. A large number of industrial facilities are being built, in particular, within the renewable energy industry.
Cairo aims to increase the use of renewable energy sources to 60% by 2040, Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker said in July 2023.