UKEF doubles support for sustainable projects to £2.4 billion in 2020

Energy & Low Carbon Industry | Export | Funding | South East

UK Export Finance (UKEF) provided over £2.4bn of financial support to sustainable projects in 2020 helping UK businesses to build new hospitals, bring clean energy and develop critical infrastructure in developing countries, according to new data.

At the outbreak of the pandemic, it was unclear how many projects, critical to the well-being of billions of people across the world, would continue to be financed. UKEF helped to fill this gap and ensure credit continued to flow to this vital infrastructure, while also creating opportunities for UK exporters.

An independent assessment of national export credit agencies released by Trade & Export Finance Limited (TXF) showed the UK provided the second most export credit support for sustainable projects in 2020. Sustainable and green projects are defined by TXF in 16 categories, including renewable energy, biodiversity conservation, affordable housing and food security.

The projects UKEF backed in 2020 include:

  • Over £430m for major new healthcare projects in Africa including two hospitals in Ghana and 108 rural healthcare clinics and a hospital in Zambia
  • Over £1.9bn for major transportation projects including backing for Egypt’s new electric monorail line and emergency road repairs in Gabon, Ghana and Benin, crucial to infrastructure in the region
  • Over £120m for major energy transformation including financing for two offshore wind farms in Taiwan and two of Spain’s largest solar power plants
  • £27m for a solar-powered water sterilisation programme in Ghana that will deliver 5 litres of water a day for less than a quarter of a penny

Minister for Exports, Graham Stuart MP, said: “This major financing of critical work helps to bring prosperity to millions of people around the world. We increased UKEF’s capacity to support overseas projects in over 100 markets last year, and its financing has placed UK businesses at the heart of many important global projects as a result. Free and open trade, backed by global rules, offers the lowest income countries a better deal. As we build back better from the pandemic, we are determined to help developing countries benefit from UK capability and will use our export credit agency, UKEF, to ensure no viable export fails for lack of finance.”

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