Government provides £4.4bn in support for exporters in last financial year
UK Export Finance (UKEF) has today published its results for 2019 to 2020, revealing it provided £4.4bn in support for UK exports, helping UK companies trade with 69 countries.
UKEF supported 339 companies in 2019-20, up 29% on the previous year, with a sharp increase in companies in supply chains indirectly benefiting from UKEF support. 77% of the companies UKEF supported were SMEs, and 88% of these were based outside London as the department works with companies across the UK.
Businesses that benefited from UKEF support include Environmental Street furniture, a Belfast firm selling street furniture to the Dubai Arena, Tall Group, a printing company in Runcorn selling secure high school certificates to the Kenyan National Examination Council and IQA group, a Glasgow-based utilities contractor helping Angola improve its national power supply.
In the year the UK hosted the UK-Africa Investment Summit to strengthen trade ties with the continent, UKEF has seen significant growth in its support for UK exports to Africa. UKEF provided £780m of support to facilitate UK exports to the continent, up from £625m last year and rising from just £85m five years ago. This included £110m in financing for a new maternity hospital in Ghana that will help reduce infant mortality rates in the south of the country.
Secretary of State for International Trade, Liz Truss, said: “This has been another outstanding year for UK Export Finance, helping businesses in every part of the UK win export contracts. Supporting international trade will be crucial as the UK looks to recover from the impact of the COVID-19 pandemic. UK Export Finance is already playing a critical role at the centre of the government’s plan to power an export-led recovery and its offer is more important than ever for UK exporters.”