Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) decided to grant Maridive and Oil Services (MOIL) a mid-term credit facility amounting up to $50 million, a bourse filing revealed on Thursday.

This financing deal is part of a joint loan granted by local and regional banks in January 2016, the bourse statement revealed.

Earlier, the company signed 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.

On Wednesday, the stock quote was placed at EGP 0.21 with a 4.55% slide.