Marking a new stage in the country’s renewable energy sector, Egypt’s sovereign fund has signed four agreements with European developers to invest in green ammonia worth $33 billion. 

Prime Minister Mostafa Madbouly oversaw the joint agreement at the EU-Egypt Investment Conference in Cairo. Mohammed Shaker Al-Marqabi, the Egyptian Minister of Electricity and Renewable Energy, and Hala El-Said, the Minister of Planning and Economic Development, attended the signing ceremony.  

The first agreement, worth $11 billion, was made with DAI Infrastructure to establish a green ammonia project at East Port Said.  

The second agreement, worth $4.25 billion, was with  Ocior Energy for a green ammonia project at Al-Sokhna Port aimed at European markets.  

In a partnership between Arab Energy and Voltalia, the third agreement totaling $3.46 billion, an additional green ammonia project at the Al-Sokhna Port will be established. 

British Petroleum, Masdar, Hassan Allam Utilities, and Infinity Power Holding joined forces for the fourth agreement amounting to $14 billion, with plans to develop one more green ammonia project at Al-Sokhna Port. 

The agreements are part of an aim to boost Egypt’s economy, which has been impacted by geopolitical escalations in Gaza and Sudan and rising inflation.

“Your stability and prosperity are essential for an entire region,” said EU Commission President Ursula von der Leyen. ‘

This year, Egypt has received foreign financing from the UAE, the International Monetary Fund, the World Bank, and the EU.