The US is expected to invest US tax money in increasing oil and gas production in Bahrain despite the Biden administration's promises to end support for fossil fuel projects abroad, Bloomberg reported.
The American Export-Import Bank EXIM - a federal export credit agency - is moving forward with its plans to help drill more than 450 new oil and gas wells in one of the oldest fields in the Middle East located in the Kingdom of Bahrain.
The bank's board of directors voted on Thursday in favor of a decision to inform the US Congress of the potential investment, a step required for projects worth more than $100 million. The financing of the program should reach a value of 4.2 billion dollars.
According to the report, these investments are expected to double the direct emissions from Bahrain, despite the fact that the Biden administration declares that it is fighting against climate change.