UK Export Finance has been granted an extra £10 billion of
capacity to drive more UK exports, raising its maximum exposure
limit from £50 billion to £60 billion.
The additional capacity will ensure the export credit agency’s
continued ability to support UK exporters and to deliver on its
mission: to advance prosperity by ensuring no viable UK export
fails for lack of finance or insurance, doing that sustainably
and at no net cost to the taxpayer.
UKEF CEO Tim Reid said:
This is fantastic news for the UK companies that we are here to
support. It means we can help more British businesses export and
will enable us to support more jobs and help to fuel growth.
In 2021-22, UKEF provided £7.4 billion in financing to exporters
of all sizes, which supported up to 72,000 UK jobs. The increased
capacity will help UKEF continue to deliver on the government’s
priorities, supporting economic growth and jobs in communities
across the UK.
UK Export Finance is committed to increasing its support in clean
growth and climate adaptation. This new capacity will help build
on the £7 billion of support UKEF has provided for sustainable
projects since 2019, as it focuses on long-term, sustainable
economic growth.
Notes
-
UKEF’s maximum commitment level is the maximum allowable size
of UKEF’s financial portfolio (the total volume of finance
that may offered by UKEF to support UK exports at any given
time).
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Further detail on UKEF’s support for clean growth and climate
adaptation can be found in our Climate Change
Strategy
