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 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.
