NXT Bank backs Elsewedy car plant growth and a new paint factory
In short
Elsewedy Investments Group signed a credit facility with NXT Bank to expand its car plants and build a paint factory. The group's announcement puts it at EGP 2 billion. The pre-signing announcement said EGP 2.1 billion.
Elsewedy Investments Group has signed a credit facility with NXT Bank to fund the expansion of its Ezz Elarab Elsewedy car plants. The money will also pay for a new paint factory.
The amount
The group's announcement of the signed deal puts the facility at EGP 2 billion. The announcement made before the signing gave the figure as EGP 2.1 billion, and said the signing was set for 28 September 2026. The two figures differ, and the sources do not explain why.
What the money is for
- Expanding the group's car plants.
- Building a new paint factory inside the car plants' investments.
The group says the paint factory should cut reliance on imported production inputs and raise the share of local content. It also says the plan supports the link between car plants and their parts suppliers, and growth in exports.
The plants
According to the group, the plants cover 70,000 square metres in the New Industrial Zone. The first phase targets a capacity of 40,000 cars a year, after the new paint factory starts running.
What the executives said
Mohamed Saleh, CEO of Elsewedy Investments Group, said the deal is an important step in the group's expansion. He said the new investments aim to raise production capacity and localize supply chains.
Amr Gamali, deputy CEO for business at NXT Bank, said the partnership fits the bank's support for private sector expansion plans. Sherine El Gazzar, head of corporate finance, investment banking and financial institutions at the bank, called the deal an important step for its corporate finance business.