(MENAFN) Bahrain's National Oil and Gas Authority (Noga) and the Saudi Fund for Development (SFD) were reported to have penned a financing contract.
Valued at USD300 million, the agreement will offer export credit and insurance for Saudi exports in order to stimulate local economic diversity and see growth in Bahrain.
Noga Holding acting CEO Dhafer Al Jalahma signed the contract with SFD vice-president and managing director Khalid bin Sulaiman Al Khudairi.
Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa stated "the agreement aims to finance the needs of Saudi manufacturing companies to participate in supplying to the oil and gas industry and projects in Bahrain."
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