NEH of Bahrain and the AMA Group of Companies have finalised a $300 million banana export project in the Philippines with the formation of joint venture RP Harvest.

'They are trying to finalise the design and construction of the facility this month so they can start operating soon,' said Philippine Agriculture Development and Commercial Corporation president Marriz Agbon.

Land Bank of the Philippines will partly fund the project.

The government has identified 10,000 hectares in Davao del Norte for the project. The joint venture is expected to address the demand for Cavendish bananas in Bahrain and other Gulf countries.

Bahrain in 2009 committed to invest in crop technology, vegetable and fruit preservation, biotechnology, post-harvest, livestock and fisheries, organic agriculture and coastal and deep-sea fishing management in the Philippines.

Bahrain and the Philippines committed to exchange scientific or technical materials and information in agriculture and fisheries as well as professionals and scientists.

They agreed to conduct studies related to areas of mutual interest as well as training workshops and promotional and facilitation activities, including agricultural products, trade fairs and special exhibitions.

Bahrain and the Philippines will also develop the food and commercial sectors and food industries, technology transfer and innovation and implementation of activities related to trading in agricultural products.

A recently-created joint committee will meet twice a year to monitor the development of specific projects included in the agreement.-TradeArabia News Service