EBRD approves $50 million credit facility for Egypt’s Maridive

The European Bank for Reconstruction and Development (EBRD) approved to grant Egypt-based oil services company Maridive and Oil Services a $50 million medium-term credit facility, the Egyptian firm announced Thursday.

This financing deal is part of a joint loan granted by local and regional banks in January 2016, Maridive added in a bourse filling.

The Egyptian company signed earlier a credit facility agreement worth $225 million with Abu Dhabi Islamic Bank (ADIB).

Maridive has allocated $25 million for expansions, including the purchase of navy units, and directed $10 million for working capital finance.