Bank NXT has signed an EGP 2.1bn credit facility agreement with Ezz Elarab Elsewedy Investments to finance the expansion of its automotive factories and the establishment of a new automotive paint plant.
The transaction is part of Ezz Elarab Elsewedy’s plans to expand its industrial operations, strengthen production capabilities, and deepen the localisation of automotive component industries in the Egyptian market.
Ezz Elarab Elsewedy Automotive Factories, the industrial and manufacturing arm of the investment group, spans 70,000 square metres in the New Industrial Zone. Utilising modern production lines and qualified technical teams, the facility has an annual production capacity of 40,000 units in its first phase. The company plans to double this capacity annually once the new paint plant begins operations, which will strengthen its ability to meet local market demand and increase exports.
Mohamed Saleh, Chief Executive Officer of Ezz Elarab Elsewedy Investments, said: “This agreement with Bank NXT is far more than financing; it is a strategic milestone and a long-term partnership built on one shared belief: that a stronger national industry begins with bold investment. Our new paint plant and the expansion of Ezz Elarab Elsewedy Automotive Factories will not simply raise production capacity; they will deepen industrial integration and localize our supply chains, sharpening the competitive edge of everything we make.”
Ahmed Fathy, Chief Financial Officer of Ezz Elarab Elsewedy Investments, said: “These credit facilities reflect the strength of the Group’s financial position and the banking sector’s confidence in its creditworthiness and the efficiency with which it manages its capital structure. This financing comes within a balanced financial strategy that seeks to diversify funding sources, optimize their cost, and channel them into investments with sustainable operating returns that build cumulative value for the Group and its partners over the long term.”
For Bank NXT, a provider of integrated retail and corporate banking solutions, the deal reflects a continued focus on expanding its corporate banking activities and financing large-scale projects in Egypt.
Amr Gamali, Deputy CEO – Business at Bank NXT, said: “Through this partnership, Bank NXT reaffirms its commitment to supporting private sector investment and expansion plans, driven by its belief in the pivotal role of the banking sector in enabling businesses to execute their investment plans and contributing to economic growth. This partnership with Ezz Elarab Elsewedy Investments reflects the Bank’s vision of strengthening its role as a trusted banking partner to its clients and directing financing toward investments that support economic activity and create value, in line with the state’s efforts to promote sustainable economic development.”
Shereen Elgazzar, Chief of Corporate, Investment Banking & Financial Institutions at Bank NXT, said: “This transaction represents an important step in the development of Bank NXT’s corporate banking business and demonstrates our team’s ability to execute large-scale credit transactions efficiently. It also reflects the Bank’s expertise in financing investments and expansion plans, as well as its strong banking and credit capabilities, enabling us to participate in landmark transactions with leading companies operating in the Egyptian market.”
Bank NXT, formerly known as aiBANK, was established in 1974 as an investment and business bank and commenced operations under the Central Bank of Egypt in 1978 with a $40m capital base. The bank operates 36 branches nationwide and is expanding its ATM network across key locations, while investing in its technology systems and human capital to improve services.
The bank has undergone successive capital increases, reaching EGP 1.9bn in 2020 and EGP 5bn in October 2021 following an acquisition that adjusted its ownership structure. The bank is currently owned by EFG Holding (51%), Egypt’s Financial Services and Digital Transformation Sub-Fund (25%), and the National Investment Bank (24%). Following subsequent increases to EGP 5.4bn in March 2024 and EGP 5.7bn in March 2025, the bank’s board of directors approved a cash increase of EGP 4.2bn on August 17, 2025. This brought the total issued and paid-in capital to EGP 9.9bn through the issuance of new shares to existing shareholders.
Bank NXT’s majority shareholder, EFG Holding, is a financial institution with a legacy of over 40 years, operating in six countries spanning two continents: Egypt, the United Arab Emirates, Saudi Arabia, Kuwait, Bahrain, and Jordan. EFG Holding operates across three verticals: the Middle East and North Africa (MENA) investment bank EFG Hermes, the non-bank financial institutions (NBFI) platform EFG Finance, and the commercial bank Bank NXT. The NBFI platform comprises Tanmeyah for micro and small businesses, leasing and factoring provider EFG Corp-Solutions, financial technology firm Valu, mortgage financier Bedaya, insurance provider Kaf, and EFG Finance SMEs.
