The Ministry of Planning announced on Sunday the signing of several partnerships with the Norwegian company Scatec ASA, on the sidelines of the United Nations Climate Change Conference COP28.
The ministry explained that a project was signed to produce green methanol in the Suez Canal Economic Zone to supply ships with green fuel, and a second project to produce green ammonia in Damietta, enhancing carbon removal efforts and accelerating the pace of green transformation.
A project funded by the African Development Bank and the British International Finance Corporation was also signed to generate one gigawatt of solar energy using energy storage solutions.
The General Authority for the Suez Canal Economic Zone announced, in a separate statement, the signing of a memorandum of understanding with Scatec ASA, which aims to issue a license for the Norwegian company to practice the activity of bunkering ships with green fuel in the East Port Said region at an investment cost of about US$1.1 billion.
Minister of Environment Yasmine Fouad, and the CEO of the African Union Development Agency (AUDA-NEPAD) Nardos Bekele, also signed an agreement to establish and host the African Center of Excellence for Resilience and Adaptation to the Impacts of Climate Change.
Minister of International Cooperation Rania al-Mashat signed a declaration of intent for Egypt to join the Blue Partnership Agreement, which enhances benefiting from financing opportunities for blue economy projects.