Egypt has ambitious FDI targets:The government plans to increase annual foreign direct investment (FDI) to USD 25 bn within the next five years, General Authority for Investment and Freezones (GAFI) head Hossam Heiba said in an interview with Asharq Business. That’s 150% higher than the USD 10 bn of inflows (pdf) achieved in FY 2022-23.

Our green energy industry in particular should be getting an FDI boost: The green energy sector in Egypt is expected to receive more than USD 50 bn over the coming 10 years, Heiba added.

SPEAKING OF FDI…

Locally-manufactured electrolyzers could be on the cards: Belgium-based mechanical engineering group John Cockerill Energy (JCE) is partnering with a “major” Gulf firm to study manufacturing electrolyzers critical for green hydrogen production in the Suez Canal region, CEO Francois Michel told Prime Minister Moustafa Madbouly on the sidelines of the Global Gateway Forum in Brussels yesterday, a cabinet statement said. The statement did not provide the name of the Gulf partner, a proposed timeline, or further details about the project.

Remember:The government has signed 10 framework agreements with international companies to build green hydrogen and ammonia plants over the past 12 months. That includes nine at last years COP27 summit and one with China Energy last week. Egypt also approved incentives in May to boost the country’s green hydrogen sector and attract much-needed FX inflows.

Other firms are interested:China’s Peric Hydrogen Technologies is exploring manufacturing electrolyzers in Egypt.

ALSO- Madbouly met with the CEO of Belgian dredging and offshore energy contractor DEME, which is working on the Orascom-Scatec-Fertiglobe green hydrogen plant currently under construction at Ain Sokhna. The project is forecast to cost USD 3 bn to implement, according to the statement. The companies are expected to make a final investment decision on the project this year.

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