Egypt and France have signed a 7 billion euro ($7.68 billion) agreement to work together to develop, finance and operate a green hydrogen production facility, Egypt's Transportation Ministry said.
The agreement was signed during French President Emmanuel Macron's visit to Egypt.
Under the agreement, the two countries will develop, finance, construct and operate a comprehensive facility near Ras Shokair on the western shore of the Gulf of Suez in eastern Egypt for the production of green hydrogen and its derivatives, including green ammonia, Anadolu Agency (AA) reported citing the statement by the Egyptian Trade Ministry.
It was signed between the Red Sea Ports Authority and the New and Renewable Energy Authority in partnership with the Green Fuel Alliance, which consists of the French company EDF Renewables and the Egyptian-Emirati company Zero Waste.
The three phases of the project will cost 7 billion euros ($7.68 billion) with a total production of 1 million tons annually.
Macron arrived in Cairo on Sunday for a three-day visit for talks with Egyptian officials on bilateral ties and regional developments. His trip began with a tour of the Grand Egyptian Museum in western Cairo and a walk through its historic streets, especially the Khan el-Khalili Bazaar.
