The UK Export Finance (UKEF) has increased financial support for the benefit UK exporters seeking to win business in over 100 countries worldwide, including for the enabling of renewable energy projects.
The UK government’s export agency said countries that can benefit from UKEF’s increased capacity to provide export finance include Egypt, Paraguay, Serbia, Uganda and Vietnam.
Support for Egypt has increased to £2bn from £1.25bn, Serbia to £4bn from £2.5bn, Uganda to £2bn from £750m, Paraguay to £4bn from £1.25bn and Vietnam to £4bn from £3bn, UKEF said.
It said that supporting more renewable projects overseas and providing opportunities for UK suppliers is at the heart of the green industrial revolution, following the allocation of £2bn 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.
In 2019/20, it provided £4.4bn of support for UK exports, which included over £300m in financing for wind farms in Taiwan.
Exports Minister Graham Stuart (pictured) 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.”
UKEF connected more than 500 UK suppliers with international projects through its supplier fair programme in 2019/20.