Renewable Energy Egypt poised for $3bn green hydrogen facility By Pramod Kumar October 29, 2023 Reuters/Aly Songol Egyptian Prime Minister Mostafa Madbouly said that a draft law on incentives for green hydrogen projects is expected to be issued this year Belgium-based Deme Group will invest $3 billion to build a green hydrogen facility in Gargoub port in the western region of Egypt. Significant progress has been made toward the final agreement and starting project implementation in coordination with the transport ministry, Daily News Egypt reported, citing Luc Vandenbulcke, CEO of Deme Group. The project will be implemented in three phases, with an initial investment of $3 billion. The production will be allocated for export to the European market. Egypt targets $35bn foreign investment in next five years Orascom ‘treading water’ in Egypt but remains bullish Suez Canal Economic Zone signs $15bn energy deals Egyptian prime minister Mostafa Madbouly confirmed that a draft law on incentives for green hydrogen projects and its derivatives has been referred to the parliament and is expected to be issued this year. “We have doubled the incentives provided and allocated to green hydrogen, including a draft law on incentives for green hydrogen projects and its derivatives, which has been referred to Parliament and is expected to be issued this year,” he added. Deme Group is actively in discussion with the transport ministry for developing the river transport system in Egypt. Furthermore, collaborative efforts with the Suez Canal Authority are in progress for the Bardawil Lake development project, aimed at increasing fish production in the northern Sinai region.