Bahrain’s Nogaholding signs $300mln push facility with Italy’s SACE

Bahrain’s Nogaholding signs $300mln push facility with Italy’s SACE

Bahrain’s Oil and Gas Holding Company (nogaholding) has signed a $300 million push facility with the Italian Export Credit Agency (SACE), for financial support on key energy projects in Bahrain, further strengthening the kingdom’s relationship with Italy.

The financing, arranged by HSBC and guaranteed by SACE, is structured as a sustainability-linked loan, under which nogaholding commits to pre-agreed sustainability objectives, said a statement.

Under the agreement, SACE will establish a $300 million push facility for nogaholding. The 10-year financing is part of SACE’s push strategy programme and aims to increase business opportunities for Italian exporters, strengthening SACE's positioning in a strategic area for Italian exports.

The push strategy primarily targets local counterparts of Italian exporters - selected and leading foreign buyers - and provides access to medium to long-term financing, guaranteed by SACE, to support their investment and growth plans.

The agreement was signed by the nogaholding Group Chief Executive Officer Mark Thomas and SACE Chief Executive Officer Alessandra Ricci. The signing ceremony was held at SACE’s headquarters in Rome in the presence of representatives from the various entities involved.

Thomas said: “We are pleased to be partnering with SACE, who are an active participant within the Export Credit industry. Through this Sustainability-Linked facility, we