Bahrain Oil Field Wins US Financing Despite Biden’s Climate Vow

The US Export-Import Bank voted to provide a $500 million loan guarantee for an oil and gas development in Bahrain, despite objections from Democrats who said it would stoke climate change and undermine US credibility on the issue.

The financing agreement approved Thursday was five times larger than lawmakers and others expectedand will support a project to drill more wells in the prolific Bahrain field. The bank said it will “increase the production of oil and the availability of gas to meet the future energy demands” of the country.

The ex-im bank, an independent government agency that finances foreign ...