Egyptian authorities have signed agreements with seven international developers to implement green hydrogen and renewable energy projects. The contracts will help attract more than US$40 billion in investment into the country’s economy over the next 10 years. This is reported by Daily News Egypt, a partner of TV BRICS.

The agreements also cover the production of green ammonia. The projects are expected to be realised in the Suez Canal economic zone.

Hala El-Said, Minister of Planning and Economic Development revealed that the contracts are expected to bring US$12 billion in investment in the pilot phase and US$29 billion in the first phase of implementation.

These agreements could make Egypt a major centre for the production and export of green hydrogen, the publication notes.

African Times published this article in partnership with International Media Network TV BRICS.