In February 2024, Egypt signed seven Memoranda of Understanding (MOUs) in green hydrogen and renewable energy with seven global developers with expected investments worth $41 billion over ten years. Prime Minister Mostafa Madbouly attended the signing ceremony held at the cabinet headquarters at the New Administrative Capital City. This represents a new step in a series of investment partnerships with major global companies to establish projects in the field of green hydrogen in the Suez Canal Economic Zone.  Dr. Hala El-Said stated that the fund had succeeded months ago in launching Africa's first integrated plant for producing green ammonia in emerging markets in partnership with several global companies.