Commercial International Bank Egypt (CIB) Finances Elsewedy Electric’s Energy Projects Arm for Hungary’s Largest Combined Cycle Power Plant with €58 Million
As part of its leading role in supporting strategic projects and promoting sustainable finance, Commercial International Bank Egypt (CIB) has announced the financing of Elsewedy Electric for Energy Projects LLC for the implementation of a combined cycle power plant project in Hungary, marking the largest project of its kind in the country in decades
The project is being developed through a consortium comprising Elsewedy Electric, Status KPRIA Zrt., and West Hungária Bau Kft. (WHB), following its award by MVM Matra Energia Zrt., a subsidiary of the Hungarian state-owned power holding company MVM
This project represents Elsewedy Electric’s first major investment in Europe and a key milestone in its global expansion strategy. It is also the largest combined cycle power plant built in Hungary in decades and the country’s first hydrogen-ready power station, capable of integrating up to 30% hydrogen into its fuel mix. This supports the transition to clean energy and enhances European energy security
The power plant will have a production capacity ranging between 500 and 650 megawatts. Construction works officially commenced following the foundation stone-laying ceremony held in September 2025, with commercial operation scheduled to begin in 2028
The total investment cost of the project is estimated at approximately €700 million (around USD 760 million). CIB is acting as the sole financier for Elsewedy Electric within this project, providing credit facilities worth approximately €58 million (around USD 62.9 million). This reflects the bank’s strong financial position and extensive expertise in structuring and financing large-scale cross-border projects
Commenting on the transaction, Amr El-Ganainy, Deputy CEO and Executive Board Member of Commercial International Bank Egypt (CIB), said
“This financing represents a clear example of our commitment to strengthening long-term cooperation and supporting our ongoing partnership with Elsewedy Electric, while advancing sustainable finance and encouraging responsible investment. We place particular focus on projects aligned with the global transition toward clean energy and emissions reduction. At CIB, we do not merely finance projects; we contribute to building a more sustainable future and support our partners in delivering projects with long-term economic and environmental value
El-Ganainy added that the partnership reflects CIB’s strategic direction to support leading Egyptian companies in their international expansion, enhancing the competitiveness of the Egyptian economy and reinforcing the bank’s position as a trusted financial partner in financing sustainable development projects regionally and globally
For his part, Eng. Ahmed El Sewedy, President and CEO of Elsewedy Electric Group, stated
“This project marks a major milestone in Elsewedy Electric’s global expansion journey 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 developing Hungary’s largest combined cycle power plant, which is hydrogen-ready, underscores our commitment to providing advanced and sustainable energy solutions that support energy security and accelerate the transition toward a low-carbon economy
El Sewedy added
“We are proud of our partnership with Commercial International Bank Egypt (CIB), which played a pivotal role in structuring this financing. This model reflects the strength of Egyptian financial institutions and their ability to support the international expansion of national companies. Such cooperation represents an integrated model between industry and the banking sector to drive long-term strategic investments with sustainable economic and environmental impact
Through this expansion, Commercial International Bank Egypt (CIB) continues to strengthen its role in global markets, expand its international presence, and reinforce its position as a leading financial institution in sustainable finance and sustainable development
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