The MoUs were signed between the Egyptian Ministry of Electricity and Renewable Energy and its affiliates, the Sovereign Fund of Egypt (TSFE), and the General Authority for Suez Canal Economic Zone (SCZONE) on the one hand, and an alliance of international and local companies on the other, said the statement.

The MoUs reflect Egypt’s initiative to attract foreign and national investments in renewable energy production, said Madbouly.

He added that Egypt, owing to its natural conditions and geographical location, has enormous potential to become a centre for green hydrogen production.

The MoUs were signed with multiple local and international entities.

These entities include the Saudi Arabian Company Acwa Power; the Benchmark Alliance; the China Energy company; the national Holding Company for Chemical Industries; the DAI Global company (Germany); the OCIOR Energy company (India); the Voltalia-TAQA alliance; and the British Petroleum company.

"Today’s signings continue Egypt's previous successes in the field. Egypt already signed various agreements with 16 developers to implement projects in the field of producing green hydrogen and its derivatives, 9 of whom signed framework agreements during the previous 27th UN Climate Change Summit in Sharm El-Sheikh," said Minister of Electricity and Renewable Energy Mohammed Shaker.

Minister of Planning and Economic Development and chairperson of the TSFE Hala El-Said previously said that “ Egypt is emerging as a global and regional powerhouse for green hydrogen production, storage and export”.

She noted that the total investment in hydrogen infrastructure in Egypt might reach $500 billion in 2030.

Egypt aims in the coming years to reduce carbon emissions, promote the use of renewable energy sources, and use alternative energy forms –  including green hydrogen –  as part of its National Climate Strategy 2050, which was announced by the government in May.