UKEF doubles support for sustainable projects to £ 2.4bn in 2020
- UK Export Finance supported £ 2.4bn of sustainable projects abroad in 2020, doubling the amount it provided in 2019
- Independent assessment of global export credit agencies shows UK a world leader in supporting sustainable projects
- Government support for overseas projects is part of HMG’s Global Britain campaign to create new business opportunities for UK companies
Export finance to the UK (UKEF) provided over £ 2.4 billion in financial support for sustainable projects in 2020, helping UK businesses build new hospitals, bring clean energy and develop critical infrastructure in developing countries , according to new data.
At the start of the pandemic, it was not known how many projects, essential to the well-being of billions of people around the world, would continue to be funded. UKEF helped fill this gap and ensure that credit continues to flow to this vital infrastructure, while also creating opportunities for UK exporters.
An independent assessment of national export credit agencies published by Trade & Export Finance Limited (TXF) showed that the UK provided the second largest export credit support for sustainable projects in 2020. Sustainable and green projects are defined by TXF in 16 categories, including renewable energy, biodiversity conservation, affordable housing and food security.
Projects UKEF supported in 2020 include:
Exports Minister MP Graham Stuart said:
This major funding for critical work helps bring prosperity to millions of people around the world. We increased UKEFLast year ‘s ability to support overseas projects in over 100 markets and its funding has thus placed UK companies at the heart of many important global projects.
Free and open trade, backed by global rules, offers better conditions for the lowest income countries. As we rebuild better after the pandemic, we are determined to help developing countries benefit from UK capabilities and will use our export credit agency, UKEF, to ensure that no viable export fails for lack of funding.
UKEFThe ministry’s support for sustainable projects also aligns with the new measures the ministry has put in place to strengthen its support for clean energy, with £ 2 billion in direct loans dedicated to financing clean growth projects.
To log in UKEF with projects abroad that have long-term and sustainable growth potential, UKEF has expanded its national representatives based internationally in Africa, South America, the Middle East and Asia, and is expected to significantly increase this network in 2021.
UK Export Finance is the UK’s export credit agency. It exists to ensure that no viable UK export lacks private market finance or insurance, providing finance and insurance to help exporters obtain, fulfill and be paid for export contracts.