The Egyptian government is evaluating a proposal made by Italian plantmaker Danieli to build an integrated green iron and steel complex, entailing an investment of $4 billion, according to the statement released by the country’s cabinet of ministers.
The government estimates that the proposed project could attract $2-3 billion worth of investments to create a green hydrogen plant in Egypt. The project, which would also include sponge iron, seamless steel pipes and flat steel production facilities, would pave the way for Egypt to export advanced products, especially to Europe.
In the meantime, Egypt has inked other deals with Switzerland-based Smartenergy, UK-based Pash Global, local company Gamma Construction, a consortium between South Korea’s SK Eco Plant and China’s CSCEC North Africa, local company Gila Al Tawakol Electric, Canada-based AmmPower and Hong Kong-based United Energy Group to develop green hydrogen and renewable energy projects in the Suez Canal Economic Zone. These projects have the potential to attract $40 billion over the next 10 years.