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Egypt approves draft law to promote green energy

Friday, 19 May 2023 16:50
Egypt approves draft law to promote green energy

(Ecofin Agency) - With billions of dollars in agreements for hydrogen projects, Egypt needs a legal framework to facilitate the development of that segment, seen as a revolution in the energy industry.  

Last Wednesday (May 17), during a meeting chaired by Prime Minister Mostafa Madbouly, the Egyptian cabinet approved a draft law to support green hydrogen projects and companies.

The law provides incentives for green hydrogen projects and companies involved in its production during the project implementation period. Expansion agreements concluded within seven years of the commercial operation of the projects will also be eligible.

The incentives include a cash investment incentive equivalent to 33% to 55% of the tax paid on revenues generated by the project. In addition, equipment and materials will be exempt from value-added tax (VAT). Taxes and contracts and land registration fees will also be waived.

The law aims to accelerate the deployment of green hydrogen and derivative projects in Egypt, in a context where the country aims to become a leading energy hub. 

Abdoullah Diop 

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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