Ezz Elarab Elsewedy Investments, an Egyptian joint venture holding company formed by the Ezz Elarab Group and Elsewedy Capital Holding, has secured an EGP2.1 billion ($40.38 million) credit facility from Bank NXT to finance the expansion of its automotive manufacturing operations and the development of a new automotive paint plant.

The financing will support Ezz Elarab Elsewedy’s plans to increase production capacity, deepen automotive localisation and strengthen its manufacturing footprint in Egypt.

Ezz Elarab Elsewedy targets higher automotive output

Ezz Elarab Elsewedy Automotive Factories, the group’s industrial and manufacturing arm, operates across 70,000 square metres in Egypt’s New Industrial Zone.

The facility currently has an annual production capacity of 40,000 vehicles in its first phase, supported by modern production lines and specialised technical teams. The company plans to double annual production once the new paint plant becomes operational, enabling it to meet domestic demand while expanding exports.

Mohamed Saleh, CEO of Ezz Elarab Elsewedy Investments, said the financing would support the company’s efforts to increase production, integrate more of its supply chain locally and improve the competitiveness of its automotive operations.

The group’s CFO, Ahmed Fathy, said the facility forms part of a broader financing strategy focused on diversifying funding sources, managing financing costs and directing capital towards investments expected to generate sustainable operating returns.

Bank NXT expands corporate financing

For Bank NXT, the Egyptian commercial bank formerly known as aiBANK, the transaction strengthens its corporate banking business and its role in financing large-scale industrial investments in Egypt.

Amr Gamali, the bank’s deputy CEO for business, said the facility reflects Bank NXT’s focus on supporting private-sector investment and directing financing towards projects that contribute to economic activity and value creation.

Shereen Elgazzar, chief of corporate, investment banking and financial institutions at Bank NXT, said the transaction demonstrates the bank’s ability to execute large-scale credit facilities and finance expansion projects for major companies operating in Egypt.

Bank NXT expands Egypt’s banking footprint

Bank NXT was established in 1974 as an investment and business bank and began operations under the Central Bank of Egypt in 1978. It currently operates 36 branches across the country. The bank’s issued and paid-in capital reached EGP9.9 billion following a series of capital increases, including an EGP4.2 billion cash increase approved in August 2025.

Bank NXT is majority-owned by EFG Holding, which holds 51% of the bank. Egypt’s Financial Services and Digital Transformation Sub-Fund owns 25%, while the National Investment Bank holds the remaining 24%.

EFG Holding operates across Egypt, the UAE, Saudi Arabia, Kuwait, Bahrain and Jordan through its investment banking, non-bank financial services and commercial banking businesses.