- Tim Reid, CEO of UK Export Finance, the Albanian Prime
Minister and Finance Minister will today outline their £4 billion
ambition for a closer export relationship
- This could deliver a minimum of £800 million in value to
businesses across the UK
- Tim Reid will issue a ‘call to action’ to British businesses
to export to Albania using UKEF’s attractive terms to help raise
debt finance
- The two countries will agree to be partners in economic
development and sustainable projects in Albania and the wider
Western Balkans
The Chief Executive of UK Export Finance (UKEF), Tim Reid, today
meets with the Albanian Prime Minster, Edi Rama and Finance
Minister, Delina Ibrahimaj, to cement their £4 billion ambition
for a closer UK-Albania export relationship. This £4
billion marks a doubling of the previously published market risk
appetite for UKEF support for Albania and signals the huge
opportunity available for UK exporters.
Total UK
exports to Albania reached £144 million in the 12 months to
September 2022, an increase of £97 million in current prices on
the previous year. The visit will build on this growing trade
relationship and result in an agreement to work more closely.
Tim Reid, CEO of UK Export Finance will say:
There is significant opportunity here for UK businesses.
The volume of trade with Albania is increasing dramatically,
showing the huge appetite for British exports. With UKEF support
more companies can reap the rewards of exporting.
We also welcome the recent launch of the British Chamber of
Commerce in Albania. This new organisation will help connect
British and Albanian businesses.
Our closer relationship with Albania will unlock a new phase of
collaboration in sectors such as renewable energy, healthcare,
and transport. Last year we celebrated our 100th year of trade
relations, I’m looking forward to continuing our work with
Albania and strengthening our great exporting relationship.
Deals made between the two countries would help grow the UK
economy, support job creation and help deliver the government’s
wider levelling up agenda. A £4 billion ambition would mean a
minimum £800 million value to British businesses. This is because
Albanian buyers would be required to source from the UK supply
chain under the conditions of UKEF’s finance.
Delina Ibrahimaj, the Albanian Finance Minister, will
say:
Albania has a pipeline of key infrastructure projects that need
overseas investment. This agreement to work more closely with the
UK should send a signal to British business that Albania has
markets ready for your products and UKEF can support you in your
export ambitions.
UKEF has an International Export
Finance Executive based in the Western Balkans who works
alongside other government teams in these countries as well as
covering Central and Eastern Europe. The IEFE’s work closely with
the overseas buyers to showcase the UK supply chain. They are on
hand all over the world to discuss financing options available
from UKEF to support the exports of UK goods and/or services.
An example of UKEF support in the
Eastern European region includes a £360 million guaranteed loan
for the construction of a 5G-ready motorway in Serbia. The UKEF
support for this motorway project, announced in October 2021, is
creating value worth approximately £125 million to the UK
economy.
