$83 billion... Egyptian gains from the Climate Summit

Many experts in the economic affairs spoke about the revenues that Egypt will reap from the Climate Summit, which have reached billions of dollars.

In this regard, Ashraf Ghorab, Vice President of the Arab Union for Social Development in the Arab Action System of the League of Arab States for Economic Development, says that the Climate Summit Conference (COP27) achieved many political, economic, developmental and investment gains for Egypt.

He pointed out that the conference proved to the whole world the security, safety, and political and economic stability that Egypt enjoys, and restored Egypt to its leading role in the African continent and the Middle East, and that it is a country with great potential, as there is international acceptance from the world for Egypt, in addition to the initiative launched by President Sisi during the conference. To end the Russian-Ukrainian war has received widespread support and satisfaction from the international community.

Investments of $83 billion

The Vice-President of the Arab Union stated that the summit achieved many economic gains for Egypt, the first of which was the signing of a number of agreements with a number of international energy companies to establish 9 green hydrogen and green ammonia production projects in the Suez Canal economic zone at an investment cost of $83 billion, which is expected to reach a production volume The annual production of 2.7 million tons of green hydrogen, and more than 7.6 million tons of green ammonia, which turns Egypt into a regional center for green hydrogen production and makes Egypt a major player in the global hydrogen market. 10 thousand megawatts.

131 countries participate

He pointed out that among the economic gains is also the presence and participation of 131 heads of state and more than 40,000 participants, and their visits to tourist sites in Egypt, and their vision of what Egypt enjoys in terms of security, safety, and stability, and what it contains of Pharaonic monuments and tourist areas at the highest level, in the presence of global media coverage, as this is considered an invitation to tourists. From different countries of the world to visit Egypt, which is the biggest promotion and propaganda for Egyptian tourism, in addition to the major projects implemented in Egypt, infrastructure projects, creating an investment climate, and the presence of many major energy companies and other investors that contribute to attracting major investments to Egypt.

Providing 100,000 jobs

He added that, on the Day of Solutions, Egypt launched the first fund to invest in projects that issue carbon certificates, in addition to Egypt obtaining a US grant of $500 million to finance the transition to clean energy, in addition to Germany providing 250 million euros to Egypt to stimulate the transition to renewable energy, including 50 million grants and 100 million grants. Debt swap, pointing out that the agreements signed with Egypt will increase the gross domestic product from 10 to 18 billion dollars by 2025, create more than 100,000 new job opportunities and reduce Egypt's imports of petroleum products.