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European report: Egypt launched several initiatives to promote renewable energy production and encourage the private sector

The European “International Construction” magazine, concerned with construction, said that Egypt has launched several initiatives to promote renewable energy production and encourage private sector investment in solar energy infrastructure. These initiatives have provided thousands of job opportunities in the construction field.

The magazine added that the cabinet recently approved the establishment of a green ammonia project in the Ain Sukhna industrial zone, with an annual production capacity of one million tons.

The ministry said that the project, which is being implemented by the Egyptian Green Ammonia Company, is estimated to cost about $5.5 billion and will provide 10,600 job opportunities during the construction and operation phases.

The report added that during the COP27 Climate Summit, the EU and Egypt strengthened their long-term cooperation on clean energy transition by forming a strategic cooperation.

It was reported that the Egyptian Minister of Petroleum, Tariq Al-Mulla, and the Minister of Electricity and Renewable Energy, Mohamed Shaker Al-Markabi, signed a bilateral memorandum of understanding regarding a strategic partnership in the field of renewable hydrogen on behalf of the European Commission, represented by the Executive Vice President. Chief Timmermans and Commissioner Simson.

The MoU will provide a framework to enable long-term conditions for the growth of the renewable hydrogen sector and trade across the EU and Egypt, including infrastructure and financing.



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