European Investment Bank (EIB) is in discussions with Scatec, a Norwegian renewable energy specialist, to forge a partnership in the realm of green hydrogen production in Egypt.
The revelation comes from EIB Vice President Gelsomina Vigliotti, who shared insights with Daily News Egypt about the ongoing talks and the potential projects that could unfold through this collaboration.
The primary goal of this collaboration is to venture into the burgeoning field of green hydrogen production, aligning with EIB’s commitment to new and renewable energy. As part of the Nexus of Water, Food, and Energy (NWFE) program, EIB has earmarked €1.3 billion for energy projects, steering away from fossil fuel financing since 2019. The focus lies on harnessing energy from solar and wind sources, with a keen interest in exploring nitrogen production projects in Egypt.
The potential impact of this collaboration extends beyond national borders, signaling a paradigm shift in Egypt’s energy landscape. Green hydrogen, a clean and sustainable alternative, holds the promise of transforming the nation’s energy matrix. The financial commitment from EIB, although yet undetermined, hinges on the nature and feasibility of the projects under consideration.
Apart from the green hydrogen endeavors, EIB is making substantial contributions to Egypt’s transport sector. The €750 million allocated for the Alexandria Metro project underscores EIB’s commitment to sustainable transit. This funding is part of the broader €1.5 billion financing program, a component of the NWFE initiative. The ongoing implementation of key projects like the Alexandria-Abu Qir Metro and the Cairo Metro’s first line extension showcases the bank’s pivotal role in fostering green transitions in the transport sector.
