UKEF extends support for UK exports to over 60 currencies
Overseas buyers can now access UK government-backed finance in 62 pre-approved local currencies when they buy from the UK.
Overseas buyers of UK exports can now access UK government-backed finance in 62 pre-approved local currencies, Minister for Investment Graham Stuart MP announced today.
The support is available through UK Export Finance (UKEF), the UK¡¯s export credit agency, and will help UK exporters compete for major overseas contracts, by allowing overseas buyers to access long-term finance in their local currency when they buy from the UK.
Graham Stuart MP said:
By giving UK exporters the flexibility to offer government-backed finance to their international customers in the currency of their choice, we are increasing the appeal of sourcing from the UK.
This world-leading offer from UK Export Finance gives buyers all over the world ¨C from Bulgaria to Vietnam ¨C the ability to ¡®buy British, pay local.
The announcement builds on the expansion of UKEF¡¯s local currency offering to 43 currencies in the Autumn Statement 2016, compared to fewer than 15 available in 2010.
Being able to access long-term finance is particularly beneficial for overseas buyers whose revenue and accounts are in their local currency, thereby helping to increase the competitiveness of a UK exporter¡¯s offering.
UKEF can now offer pre-approved local currency financing in:
- Bulgarian Lev
- Colombian Peso*
- Croatian Kuna*
- Dominican Peso*
- Ghanaian Cedi*
- Jordanian Dinar*
- Kazakhstani Tenge*
- Mongolian Togrog*
- Moroccan Dirham*
- Nigerian Naira
- Pakistani Rupee*
- Panamanian Balboa
- Philippine Peso
- Romanian Leu
- Serbian Dinar*
- Sri Lankan Rupee*
- New Taiwan Dollar
- Trinidad & Tobago Dollar
- Vietnamese Dong
*Support will be approved on a case-by-case basis
Media enquiries: Andy Aston, Head of News and Corporate Communications
Email Andy.Aston@ukexportfinance.gov.uk
Mobile +44 (0)7458 047053
Image credit: UK Parliament/