As a part of the UK Authorities’s ambition to spice up commerce globally, UK Export Finance (UKEF) can now present elevated monetary help that can profit Scottish exporters searching for to win enterprise in over 100 international locations worldwide.
Not too long ago, family-run producer, BHC Ltd, primarily based in Scotland, benefitted from UKEF help. UKEF offered £70m of help for Contracta Building UK to construct the Kumasi market in Ghana. To entry UKEF’s help, Contracta sourced items and providers from the UK provide chain, together with BHC Ltd.
BHC Ltd. received a £20m export contract to offer 8000 tonnes of steelwork and 100,000m2 of steel decking for the Kumasi Market after being launched to Contracta at a UKEF-run Provider Honest occasion, which has generated development and alternatives for the enterprise.
Brian Hewitt, Managing Director, BHC Ltd stated:
UKEF helped us safe an enormous worldwide contract. Not solely has this helped our enterprise, nevertheless it has additionally bolstered the native economic system throughout these troublesome instances.
We sit up for profitable extra abroad enterprise off the again of this deal.
UK Authorities Minister for Scotland David Duguid stated:
The UK Authorities is dedicated to supporting Scottish companies to commerce globally.
We encourage companies to work with our world-leading credit score company, UKEF, and benefit from export finance help to bolster their exports worldwide and strengthen their place on the worldwide stage.
By way of the Commerce Hub in Edinburgh, companies will be capable to utilise UKEF, in addition to the UK Authorities’s world networks, experience and affect.
Scottish produce is world well-known and can profit from new world commerce alternatives as soon as the EU transition interval ends. UKEF has the potential to offer an actual increase to exporters in Scotland, and each nook of the UK.
UKEF linked greater than 500 UK suppliers with worldwide initiatives by means of its provider truthful programme in 2019/20, and can proceed to take action following the latest enlargement of its capability to offer export finance and help to extra international locations.
Nations that may profit from UKEF’s elevated capability to offer export finance embody Egypt, Paraguay, Serbia, Uganda and Vietnam – permitting the UK authorities’s export company to help a various vary of worldwide initiatives that can improve UK commerce and create alternatives for Scottish enterprise.
This consists of enabling UKEF to help extra renewable initiatives abroad and offering alternatives for UK suppliers to be on the coronary heart of the inexperienced industrial revolution, following the allocation of £2 billion of direct lending to finance inexperienced initiatives within the newest funds.
UKEF gives help to UK exports by means of ensures, loans and insurance coverage and is strategically positioned to offer aggressive financing to abroad corporations trying to do enterprise with the UK. UKEF will proceed to work with UK companies to maximise the provision of UK items and providers into worldwide initiatives, creating new buying and selling alternatives for UK suppliers.
In 2019/20, UKEF offered £4.4 billion of help for UK exports, which included over £300 million in financing for wind farms in Taiwan, £110 million for a brand new maternity hospital in Ghana and £40 million to rehabilitate 83 kilometres of highway in Gabon. On account of its elevated danger urge for food, UKEF can now help a higher variety of initiatives in a variety of abroad markets.
Exports Minister Graham Stuart stated:
In addition to negotiating new free commerce agreements and eradicating commerce limitations, we’re in a position to provide export finance help that may unlock the potential of the UK provide chain. UKEF helps abroad patrons entry the monetary help they should procure from the UK. This helps UK corporations win extra enterprise on the world stage.
UKEF’s enormous improve in capability is usually a actual game-changer for the prospects of UK exporters, and will likely be very important to hundreds of suppliers throughout the nation.