The Commercial International Bank Egypt (CIB) has signed a financing and partnership agreement to support Elsewedy Electric Power Systems Projects (PSP) in the execution of a combined-cycle power plant in Hungary, providing financing worth €58m (around $62.9m). The project is the largest combined-cycle power generation development in Hungary in decades and underscores CIB’s growing role in financing strategic infrastructure projects while advancing sustainable finance solutions. For Elsewedy Electric, the project marks its first major investment in Europe and represents a significant milestone in the group’s global expansion strategy. Within this framework, CIB is acting as the sole financier for Elsewedy Electric’s share of the project, extending credit facilities valued at nearly €58m. This demonstrates the strength of Egyptian financial institutions and their capacity to support the international growth of national champions.

Source: Daily News Egypt February 07, 2026 15:17 UTC