Egypt predicts $18 billion GDP growth projection

The Center for Information and Decision Support of the Council of Ministers of Egypt published a report on expectations of an increase in Egypt’s GDP by 10-18 billion dollars.

According to the report, Egypt ranked fifth in the Arab world and North Africa in the Fitch Solutions 2022 Green Hydrogen Index, and it also indicated that Egypt’s GDP is expected to increase by around $10-18 billion as a result of doubling hydrogen production. economy by almost seven times by 2050.

At the time of publication, the Center reviewed the most important international experience in which a legislative framework has been adopted that will promote the development of green hydrogen projects in Germany, South Korea, the European Union, India, France, Chile and the United States of America to benefit from them.

The clearing house confirmed that Egypt is one of the promising countries in the field of green hydrogen, with its potential to attract domestic and foreign investment in this area, especially in light of the future plans to be implemented in green hydrogen projects, which highlights the importance of establishing a legislative framework to regulate hydrogen production projects and its various uses in Egypt to maximize the integration of Egypt into the global clean hydrogen production market, which gives more importance to this issue of the magazine dedicated to this topic.

Fitch has indicated that Egypt is one of the top countries for green hydrogen projects, accounting for 11 projects with a capacity of 10.3 gigawatts. The agency’s expectations also show that green hydrogen projects will increase the attractiveness of Egypt for foreign investment in renewable energy. production surplus and with increasing investment in interconnection networks. Egypt’s electricity exports are expected to increase to neighboring markets and to Europe. The European Bank also indicated in its 2021 report the importance of gas infrastructure and Egypt’s large gas investments in hydrogen in existing gas networks, indicating that existing natural gas assets can be channeled to support green hydrogen production and that there are clear incentives for green hydrogen exploration.

Source: RT