British businesses are set to benefit from billions of pounds of
new exporting opportunities in a further boost to the UK economy
under plans published today by UK Export Finance
(UKEF).
Ministerial government department UKEF is the country's export
credit agency (ECA), helping businesses access finance and
insurance to support their overseas trade ambitions.
Its new 2024-29 Business Plan includes a commitment to help
companies across the United Kingdom win over £12.5 billion in new
contracts by 2029, as well as unlocking £5 billion of investment
into their UK operations.
Supported by collaboration with the Department for Business and
Trade, British Business Bank and local Chambers of Commerce, UKEF
has set out ambitions to support 1,000 small and medium-sized
enterprises (SMEs) a year by 2029. Greater access to business
financing will support enterprise growth across all UK
regions.
UKEF is aiming to support £10 billion in financing for clean
growth sectors in the next five years, building on its record of
supporting sustainable growth both in the UK and internationally.
UKEF's backing for clean-growth exports over the last year
included support worth £367 million for the construction of one
of the world's largest wind technology factories in Teesside, and
financing for a 350km water sanitation system in
Iraq.
UKEF will continue to promote the role of UK exports in creating
sustainable growth overseas. It aims to secure £10 billion in
financing for UK exports to low and middle-income countries over
the next five years, driving UK-led improvement of infrastructure
and governance in developing markets while supporting British
jobs.
The new plan emphasises the role of greater digitalisation in
widening access to finance and insurance – with a fully online
insurance service expected in coming months.
Tim Reid, CEO of UK Export Finance, said:
UKEF plays a key role in growing the UK's trade base by unlocking
billions of pounds in financing for UK exporters every
year.
Our new plan recognises the strength of the UKEF offer, whether
in supporting the low-carbon transition or using our deep
sectoral understanding, global relationships and the
opportunities created by new free trade agreements to get more UK
businesses involved in large international projects.
For our customers it also means more digital services, a better
user experience and a continued commitment to deliver innovative
and game-changing solutions that work for them, so that UKEF can
unlock the finance they need to export.
UKEF is expected to publish its next annual results in June 2024,
showing how it is already supporting UK businesses and
international communities.
