The government of Egypt announced that the cabinet has approved a permit for the construction of a green ammonia project with a 1 million ton annual production capacity in the Ain Sokhna industrial zone.

The ministry noted in a statement that the project, by Egypt’s Green Ammonia Company, will cost about $5.5 billion and provide about 10600 employment throughout the construction and operation phases.

Egypt will construct a solid governance structure for a low-carbon hydrogen economy in accordance with international standards to create a sustainable market while adhering to safety and environmental norms.

Egypt wants to capture 5% of the global hydrogen market by 2030 and 8% by 2040 by establishing an international export center for hydrogen and its derivatives to achieve energy security and accomplish sustainable development goals between 2030 and 2040. Building and localizing the industry, it will help remove carbon from industrial sectors and use renewable energy sources, as well as boost the country’s GDP and create jobs.