Egypt - The Commercial International Bank Egypt (CIB) has signed a financing and partnership agreement to support Elsewedy Electric Power Systems Projects (PSP) in the execution of a combined-cycle power plant in Hungary, providing financing worth €58m (around $62.9m).

The project is the largest combined-cycle power generation development in Hungary in decades and underscores CIB’s growing role in financing strategic infrastructure projects while advancing sustainable finance solutions.

The power plant will be delivered by a consortium comprising Elsewedy Electric, Status KPRIA Zrt., and West Hungária Bau Kft (WHB), following the award of the project by MVM Mátra Energia Zrt., a subsidiary of Hungary’s state-owned MVM Group.

For Elsewedy Electric, the project marks its first major investment in Europe and represents a significant milestone in the group’s global expansion strategy. Once completed, the facility will become Hungary’s first hydrogen-ready power plant, capable of integrating up to 30% hydrogen into its fuel mix—supporting cleaner energy generation and strengthening European energy security.

Designed to generate between 500 and 650 megawatts of electricity, the plant is scheduled to enter commercial operation in 2028. Construction officially began following the foundation stone ceremony held in September 2025.

Total investment in the project is estimated at around €700m (approximately $760m). Within this framework, CIB is acting as the sole financier for Elsewedy Electric’s share of the project, extending credit facilities valued at nearly €58m. The structure reflects the bank’s strong financial position and its expertise in arranging and financing large-scale cross-border infrastructure projects.

Amr El Ganainy, Deputy CEO and Executive Board Member of CIB, said: “Our support for this landmark project reflects our commitment to strengthening long-term partnerships with Elsewedy Electric, as well as CIB’s dedication to sustainable financing and responsible investment—particularly projects aligned with the global transition towards clean energy and emissions reduction. We do not simply finance projects; we contribute to building a more sustainable future and support our partners in delivering initiatives with long-term economic and environmental value.”

El Ganainy added that the partnership highlights CIB’s focus on supporting leading Egyptian companies in their international expansion, enhancing the competitiveness of the Egyptian economy and reinforcing the bank’s position as a trusted partner in financing sustainable development projects both regionally and globally.

Commenting on the project, Ahmed Elsewedy, President and CEO of Elsewedy Electric, said: “This project represents a major milestone in Elsewedy Electric’s global expansion and reflects the growing confidence in the ability of Egyptian companies to deliver large-scale energy projects in line with the highest international standards. Our participation in delivering the largest combined-cycle power plant in Hungary—designed to be hydrogen-ready—underscores our commitment to advanced, sustainable energy solutions that support energy security and accelerate the transition to a low-carbon economy.”

He added: “We are proud of our partnership with CIB, which played a pivotal role in structuring this financing. This demonstrates the strength of Egyptian financial institutions and their capacity to support the international growth of national champions. The collaboration offers a strong model of integration between industry and banking to drive long-term strategic investments with lasting economic and environmental impact.”

Elsewedy Electric noted that the project reflects the group’s disciplined approach to international expansion, underpinned by advanced technology, strong strategic partnerships, and extensive experience in delivering major energy projects. This further strengthens the company’s position as a trusted partner in global energy and infrastructure development.

Through this transaction, CIB continues to expand its international footprint while reinforcing its standing as a leading financial institution in sustainable finance and development.

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