Egypt’s SCZone aims to borrow EGP 30bn for green hydrogen projects – sources

By Nada Ali On Sep 18, 2023

The General Authority of Suez Canal Economic Zone (SCZone) seeks to borrow 30 billion Egyptian pounds from a coalition of local banks led by the National Bank of Egypt (NBE) to finance green hydrogen infrastructure projects, three banking sources told Asharq Bloomberg on Monday.

The sources added that several local banks will participate in the 20-year loan, including Suez Canal Bank, the Commercial International Bank (CIB), Banque du Caire, and the Arab African International Bank (AAIB).

The Egyptian government expects total foreign direct investment (FDI) in green hydrogen projects to reach about $81.6 billion by 2035. The country had announced several projects related to green hydrogen, during COP27 summit that held last November.

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