Egypt’s Prime Minister Moustafa Madbouly witnessed the signing of two major agreements with Chinese companies for green energy production in the Suez Canal Economic Zone (SCZONE) on Tuesday.
The agreements were signed during Egypt’s participation in the third session of the Belt and Road Forum for International Cooperation in Beijing.
The first agreement was signed by Walid Gamal El-Din, head of the SCZONE, and Lu Zexiang, Chairperson of China Energy International Group. It aims to establish a project to produce green ammonia and green hydrogen from renewable sources in the Sokhna Industrial Zone, with an investment of $6.75bn.
The second agreement was a memorandum of understanding (MoU) between SCZONE and United Energy, signed by Gamal El-Din and Song Yu, Executive Director of United Energy. The MoU aims to invest in developing a potassium chloride production complex using renewable energy stations, with an investment of $8bn. The project will export 20% of its production to the local market.
Madbouly expressed Egypt’s interest in expanding green energy projects and providing incentives for investors in this field. He said that the SCZONE has become one of the most important hubs for green energy production in the region.
Gamal El-Din affirmed SCZONE’s support for energy investments and its strategy to attract global investments in green fuel production. He said that the SCZONE is working to accelerate the pace of this file due to its global importance.