Green hydrogen projects will be exempted from tax of 33 percent to 55 percent, as a way of adapting to the changing market and environmental conditions, said Egyptian Minister of Finance Mohamed Maait on Wednesday.
Maait announced at the Turkish-Arab Economic Forum in Istanbul, an expansion in the use of green financing mechanisms. He said that Egypt’s goal is to dedicate half of its government investments to eco-friendly projects.
Furthermore, the government plans to roll out a value-added tax exemption for the production and essential raw materials like platinum, palladium, and iridium. This move is intended to reduce financial barriers and enhance the economic viability of these green initiatives.
Maait also emphasised that the current global economic crises have highlighted the significance of international and regional collaborations as drivers for economic and societal growth. He also stressed the potential for enhancing the private sector’s role in economic activities.