CIB Supports Elsewedy Electric’s European Expansion Through €58 Million Hungary Power Project Financing
The Commercial International Bank, Egypt (CIB) has announced the signing of a financing and partnership agreement to support Elsewedy Electric Power Systems Projects (PSP) in the execution of a combined cycle power plant project in Hungary, with financing valued at €58 million (approximately $62.9 million).
This project represents the largest combined cycle power generation development of its kind in Hungary in decades, and further reinforces CIB’s role in supporting strategic infrastructure projects while advancing sustainable finance solutions.
The project will be executed through a consortium comprising Elsewedy Electric, Status KPRIA Zrt., and West Hungária Bau Kft (WHB), following the award by MVM Matra Energia Zrt., a subsidiary of Hungary’s state-owned MVM Group.
For Elsewedy Electric, this development represents the company’s first major investment in Europe and marks an important milestone in its global expansion strategy. In addition, once completed, the facility will become Hungary’s first hydrogen-ready power plant, with the capability to integrate up to 30% hydrogen into its fuel mix, supporting the transition toward cleaner energy and strengthening European energy security.
Designed to generate between 500 and 650 megawatts of electricity, the plant is scheduled to begin commercial operations in 2028, following construction works that officially commenced after the foundation stone ceremony held in September 2025.
Overall investment in the project is estimated at approximately €700 million (around $760 million). Within this framework, CIB is acting as the sole financier for Elsewedy Electric’s portion of the project, providing credit facilities valued at nearly €58 million. This structure reflects the bank’s strong financial position as well as its expertise in structuring and financing large-scale cross-border infrastructure projects.
In this context, Mr. Amr El Ganainy, Deputy CEO and Executive Board Member of Commercial International Bank – Egypt (CIB), stated: “Our support for this landmark project is a clear reflection of our focus on strengthening long-term collaboration and partnership with Elsewedy Electric and CIB's dedication towards sustainable financing and encouraging responsible investments, especially projects that align with the global transition towards clean energy and emissions reduction. We don't just finance projects; we participate in building a more sustainable future and support our partners in implementing projects with long-term economic and environmental value.
Mr. El Ganainy added that this partnership reflects CIB's focus on supporting leading Egyptian companies in their international expansion, thereby enhancing the competitiveness of the Egyptian economy and solidifying the bank's position as a trusted banking partner in financing sustainable development projects regionally and internationally.
Reflecting on the project’s importance, Eng. Ahmed Elsewedy, President and CEO of Elsewedy Electric, stated: “This project represents a major milestone in Elsewedy Electric’s global expansion and reflects the growing confidence in the capabilities 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, reinforces our commitment to delivering advanced and sustainable energy solutions that support energy security and accelerate the transition toward a low-carbon economy.”
He added: “We are proud of our partnership with Commercial International Bank, Egypt (CIB), which played a pivotal role in structuring this financing. This reflects the strength of Egyptian financial institutions and their ability to support the international expansion of national companies. The collaboration represents a strong model of integration between industry and the banking sector to drive long-term strategic investments with sustainable economic and environmental impact.”
Elsewedy also shared that the project reflects the group’s strategy of disciplined expansion into international markets, supported by advanced technology, strong strategic partnerships, and extensive experience in delivering major energy projects. As a result, this further strengthens Elsewedy Electric’s position as a trusted partner in global energy and infrastructure projects.
Elsewedy Electric’s entry into the Hungarian market is driven by strategic partnerships, advanced technology, and a clear commitment to sustainable energy solutions, aligning with the rapid transformation taking place across the European energy sector.
Through this transaction, CIB continues to expand its global presence while reinforcing its position as a leading financial institution in sustainable finance and development.
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