October 8th, 2020.

As part of the UK government’s ambition to boost trade globally, UK Export Finance (UKEF) can now provide increased financial support that will benefit UK exporters seeking to win business in over 100 countries worldwide.

Countries that can benefit from UKEF’s increased capacity to provide export finance include Egypt, Paraguay, Serbia, Uganda and Vietnam – allowing the UK government’s export agency to support a diverse range of international projects that will increase UK trade and create opportunities for British business.

This includes enabling UKEF to support more renewable projects overseas and providing opportunities for UK suppliers to be at the heart of the green industrial revolution, following the allocation of £2 billion of direct lending to finance green projects in the latest budget.

UKEF provides support to UK exports through guarantees, loans and insurance and is strategically positioned to provide competitive financing to overseas companies looking to do business with the UK. UKEF will continue to work with UK businesses to maximise the supply of UK goods and services into international projects, creating new trading opportunities for UK suppliers.

In 2019 to 2020, UKEF provided £4.4 billion of support for UK exports, which included over £300 million in financing for wind farms in Taiwan, £110 million for a new maternity hospital in Ghana and £40 million to rehabilitate 83 kilometres of road in Gabon. As a result of its increased risk appetite, UKEF can now support a greater number of projects in a wide range of overseas markets.

Exports Minister Graham Stuart said; “As well as negotiating new free trade agreements and removing trade barriers, we are able to offer export finance support that can unlock the potential of the UK sup-ply chain. UKEF helps overseas buyers access the financial support they need to procure from the UK. This helps UK companies win more business on the world stage.

“UKEF’s huge increase in capacity can be a real game-changer for the prospects of UK exporters, and will be vital to thousands of suppliers.”

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