India mulls $700m investment in Egypt in coming years
New Delhi’s ambassador in Cairo Ajit Gupte announced plans by the Asian country to invest $700 million in the coming few years, Arab News reports.
Gupte made the announcement during a meeting with Egyptian and Indian businessmen. Indian investments in Egypt currently stand at $3.15 billion, the diplomat also noted.
The announcement came as a group of Egyptian government entities signed a memorandum of understanding (MoU) with India’s largest renewable energy company ReNew Power to begin the preliminary studies of the establishment of a new plant for green hydrogen production at the Suez Canal Economic Zone (SCZone) with around $8 billion in investment.
Under the agreement, the green hydrogen production plant will be built with an annual capacity of 20,000 tons, expandable to up to 220,000 tons per annum, Arab Finance reports.
The project is set to be executed in phases starting with a pilot phase for the generation of 20,000 tons of green hydrogen a year, while the second phase will witness an expansion in production to reach 200,000 tons.