Elsewedy Electric Hungary power plant loan

Elsewedy Electric, an Egyptian multinational electrical company, has secured a €58 million ($68.6 million) financing facility from Commercial International Bank Egypt (CIB) to support its participation in a major combined-cycle power plant project in Hungary, marking a decisive step in the Cairo-based multinational cable’s European expansion.

CIB finances Elsewedy’s European expansion
The financing supports Elsewedy Electric Power Systems Projects, a subsidiary of the Cairo-based industrial group, which is part of a consortium delivering what will be Hungary’s largest power generation project in decades.

The project was awarded by MVM Mátra Energia Zrt., a unit of Hungary’s state-owned MVM Group, alongside Status KPRIA Zrt. and West Hungária Bau Kft.

With an estimated total investment of about €700 million ($827.3 million), the power plant will have a generation capacity ranging between 500 and 650 megawatts. Construction began following a foundation stone ceremony in September 2025, with commercial operations scheduled for 2028.

Hungary’s largest combined-cycle power project
A key feature of the project is its hydrogen-ready design, enabling the facility to integrate up to 30 percent hydrogen into its fuel mix. This positions the plant at the forefront of Europe’s clean-energy transition while strengthening Hungary’s long-term energy security.

Under the agreement, CIB is acting as the sole financier for Elsewedy Electric’s share of the project, underscoring the bank’s growing role in structuring cross-border infrastructure financing. The transaction aligns with CIB’s strategy to support sustainable projects and back Egyptian companies expanding internationally.

Elsewedy strengthens global infrastructure footprint
Founded in 1938, Elsewedy Electric has evolved into a leading provider of energy, digital, and infrastructure solutions across the Middle East and North Africa. Under the billionaire El-Sewedy family, the company has expanded globally, strengthening its market position.

The Hungary project represents Elsewedy Electric’s first major investment in Europe. The deal highlights the rising global footprint of Egyptian industrial groups and the increasing capacity of domestic financial institutions to support large-scale energy infrastructure aligned with decarbonisation goals.