The Saudi Fund for Development (SFD) has signed a financing agreement worth $300 million with The National Oil and Gas Authority (Noga), Gulf Daily News reported
.
The agreement was signed by Noga Holding acting CEO, Dhafer Al Jalahma, and SFD vice-president and managing director, Khalid bin Sulaiman Al Khudairi, in a ceremony held under the patronage of Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa at the Four Seasons Hotel Bahrain Bay.
Under the agreement, the fund will provide export credit and insurance for Saudi national exports to encourage domestic economic diversification and contribute to development within Bahrain.
“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,” the oil minister said.
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