The Industrial Development Corporation (IDC) in South Africa has signed a €17-million Memorandum of Understanding (MOU) with Germany’s KfW Development Bank to address potential funding gaps related to the growing demand for green hydrogen projects. This partnership formalizes a cooperation framework between the two development funders to strengthen and ramp up the local green hydrogen economy. The agreement follows a previous commitment by KfW to provide €23.1 million for a promotional program focused on building a sustainable hydrogen economy with the IDC. At the Africa Green Hydrogen Summit in Cape Town, key officials from both organizations signed the MOU and discussed the importance of collaboration in developing the green hydrogen sector in the country. The partnership aims to de-risk and accelerate key green hydrogen projects, focusing on various aspects such as sustainability, job creation, and ecosystem development. The funding will support the development of Strategic Integrated Projects (SIPs) in the green hydrogen sector and establish a management office to coordinate the implementation of green hydrogen initiatives. Additionally, the parties agreed to fund the Prieska Power Reserve project, which is set to produce green ammonia and hydrogen in the Northern Cape, creating jobs and supporting local businesses. The project aims to significantly contribute to the green hydrogen ecosystem and marks a substantial milestone in the region's transition to clean energy. Various government officials emphasized the importance of collaboration and funding mechanisms to facilitate the growth of the green hydrogen economy, highlighting its potential for a sustainable and inclusive energy transition.