Bank NXT backs Ezz Elarab Elsewedy’s paint plant and factory expansion

Bank NXT signed a EGP 2.1 bn credit facility with Ezz Elarab Elsewedy for Investments to fund expansion at its automotive factories and build a new automotive paint plant, according to a press release (pdf). The bank framed the loan as part of its push to grow its corporate lending book, finance large private-sector investments, and deepen supply-chain localization.

First flagged last year: Ezz Elarab Elsewedy Investments, the joint venture between Elsewedy Capital and automotive group Ezz El Arab, told us in February 2025 it would invest USD 100 mn in local auto manufacturing, including a dedicated paint shop and a spare parts and components plant at the Sixth of October Industrial Zone, with an EV line to follow. The company says the paint plant and factory expansion will deepen industrial integration and localize its supply chains, according to the statement.

The lender, in brief: Bank NXT is the rebranded aiBANK, 51% owned by our friends at EFG Holding since its 2021 acquisition, the transaction that turned EFG from an investment bank into a universal banking platform. The bank’s paid-in capital has climbed steadily since, growing from EGP 5 bn after the acquisition to EGP 5.4 bn in March 2024, EGP 5.7 bn in March 2025, and EGP 9.9 bn following a board-approved increase in August 2025.