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Government provides UK firms with export support

Posted on 11 Jul 2019 and read 791 times
Government provides UK firms with export supportIn its recently published annual report and accounts, UK Export Finance (UKEF) shows that it provided support worth over £3 billion to exporters in the manufacturing industry in the 2018-19 financial year.

For example, it provided £49 million worth of support for Darlington-based Cleveland Bridge to construct 250 bridges for rural communities in Sri Lanka.

It also provided a loan of $325 million to support an Airbus Defence and Space Ltd contract with Turksat (Airbus will manufacture and deliver two telecom satellites and a ground station for the continued provision of TV and data services in Turkey.

The annual report and accounts show that UKEF has had a ‘landmark year’, providing £6.8 billion in support for UK exports.

It helped 181 companies export to 72 countries, and 79% of these companies were SMEs. A further 81 UK companies secured business by supplying products or services to a project supported by UKEF.

International Trade Secretary Liam Fox said: “Over the course of the last 100 years, UK Export Finance has led the way in delivering innovative finance to help British companies achieve international success across a wide range of industries world-wide.

“I am delighted that UKEF has marked its centenary with a record year.”