Bahrain’s National Oil and Gas Authority (Noga) has signed a financing agreement with the Saudi Fund for Development (SFD), according to Saudi government agency, Zawya reported citing Gulf Daily News.

The $300 million agreement was signed by Noga’s acting CEO, Dhafer Al Jalahma and SFD Vice-President and Managing Director, Khalid Al Khudairi. The deal was held under the patronage of Bahrain’s Oil Minister Mohammed Al Khalifa.

“We have a range of energy projects in Bahrain across the downstream, mid-stream and upstream sectors, which includes developments in the newly discovered oil and gas resource. Some of the projects are at an advanced stage of development, requiring industrial inputs which Bahrain does not have and we would like to localise imports at the GCC level as much as possible,” Al Khalifa said.

Under the agreement, the fund will provide the Saudi national exports with export credit and insurance, which will help achieve economic diversification and development within Bahrain.

The deal supports financing the needs of the Saudi manufacturing companies to supply the oil and gas industry and projects in Bahrain.