China’s CIEG plans to build $5-8 billion green hydrogen project in Egypt

China International Energy Group (CIEG) plans to establish a massive green hydrogen production project in Egypt with investments of $5 billion to $8 billion, according to its chairman Liu Zhiqiang on Saturday.

Zhiqiang said during his meeting with President Abdel Fattah al-Sisi and Prime Minister Moustafa Madbouly, that the project came aligned with Egypt’s large resources in the field of green hydrogen.

The motives for investment in Egypt during the next phase came within the framework of deep friendship relations between the two countries, the statement mentioned.

al-Sisi affirmed during the meeting, Egypt’s keenness to enhance economic cooperation and investments with Chinese companies in the different fields of mutual concern.

Zhiqiang shed light on the tangible improvement in Egypt’s road network, transportation and communications, new cities, seaports, desalination and water treatment plants, electricity and new and renewable energy.

Zhiqiang noticed a qualitative development in the infrastructure field in Egypt over the past few years, providing new investment opportunities that were not previously available.

al-Sisi praised the historic and strong friendship relations between Egypt and China, saying he looks forward to continuing joint action and coordination with China, the statement added.