Cairo - Mubasher: The Commercial International Bank - Egypt (CIB) signed a financing and partnership agreement to support Elsewedy Electric Company's power systems projects (PSP) in developing a combined-cycle power plant in Hungary.
CIB will provide credit facilities worth nearly EUR 58 million, equivalent to nearly $62.90 million, according to a press release.
The project, awarded by MVM Matra Energia Zrt., a subsidiary of Hungary’s state-owned MVM Group, will be implemented by a consortium comprising Elsewedy Electric, Status KPRIA Zrt., and West Hungária Bau Kft (WHB).
Meanwhile, the EGX-listed lender is acting as the sole financier for Elsewedy Electric’s share of the project, reflecting the bank’s role in structuring and financing large-scale cross-border infrastructure developments.
The Hungary project marks Elsewedy Electric’s first major investment in Europe and a key milestone in its global growth strategy.
Amr El-Ganainy, Deputy CEO and Executive Board Member of 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,” he added.
For his part, 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,” the CEO emphasized.
It is worth noting that this project is the largest combined cycle power generation development in Hungary in decades.
With total investments estimated at around EUR 700 million, roughly $760 million, the plant will have a generation capacity ranging between 500 and 650 megawatts (MW).
It is scheduled to enter commercial operations in 2028, while construction officially began following the foundation stone ceremony held in September 2025.
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 production and enhancing European energy security.
The transaction further strengthens Elsewedy Electric’s position in global energy markets, while supporting CIB’s expansion of its international footprint and role in financing sustainable development projects.
Last month, Madinet Masr for Housing and Development and Elsewedy Electric inked a memorandum of understanding (MoU) with the latter's subsidiary, Elsewedy Electric Infrastructure, for an East Cairo project valued at EGP 400 million.
