The Government’s UK Export Finance (UKEF) scheme has now been extended to support international trade in more than 100 countries, it has been announced.
The changes come ahead of the end of the Brexit transitional period on 31 December 2020, after which the UK will leave the European single market and be free to strike its own trade deals.
UKEF was launched in 1919 during the First World War to ensure that no viable export deal could collapse due to a lack of finance or insurance. It works by providing support to UK exporters through guarantees, loans and insurance and is “strategically positioned to provide competitive financing to overseas companies looking to do business with the UK”.
In 2019/20 alone, the initiative 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.
And from today, the scheme has now been extended to more than 100 countries worldwide, including Egypt, Paraguay, Serbia, Uganda and Vietnam. The full list of supported countries can be found here.
Commenting on the changes, 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 supply 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 across the country.”
To learn more about UK Export Finance, please click here.