Egypt’s Scatec signed a grant agreement with PtX development fund ( PtX hydrogen mechanism) worth €30 million to support the green hydrogen project in Egypt, according to a statement released by Ministry of Planning and Economic Development.

The project seeks to drive green transformation in the Suez Canal Economic Zone, guiding the country towards climate neutrality in energy- and resource-intensive industries.

It also aims to boost local value creation by leveraging the region’s plentiful wind and solar energy resources.

This was in the presence of Minister of Planning and Economic Development, Rania Al-Mashat, during Hamburg Sustainability Conference.

The project is expected to create 1,330 job opportunities during the construction, operation, and maintenance phases. It is anticipated to produce 70,000 tons of green ammonia and lay the foundation for the sustainable transformation of the entire industry in Egypt.

The signing of the grant agreement is the result of continuous cooperation between the Egyptian Ministry of Planning and Economic Development and the German Federal Ministry of Economic Cooperation and Development, Al-Mashat added.

She indicated that a declaration of intent in the field of green hydrogen had previously been signed between the Egyptian and German governments during 2022.

The German Federal Ministry for Economic Cooperation and Development has entrusted KfW with €270 million of funds to support Power-to-X markets in developing and emerging countries.