UK Export Finance (UKEF) introduced a strategic plan poised to significantly elevate British exports and stimulate economic growth. The 2024-2029 Business Plan sets ambitious targets to secure over £12.5 billion in new contracts for UK companies and to inject £5 billion into domestic operations by 2029.
As the nation’s export credit agency, UKEF is pivotal in enabling UK enterprises to thrive globally by providing essential finance and insurance solutions. This strategy notably supports 1,000 small and medium-sized enterprises (SMEs) each year by 2029, through partnerships with the Department for Business and Trade, British Business Bank, and local Chambers of Commerce. This initiative aims to propel business financing and foster regional economic growth throughout the UK.
A key pillar of the strategy focuses on clean growth sectors, committing £10 billion in financing over the next five years. This follows significant investments in sustainable projects, including the financing of one of the world’s largest wind technology factories in Teesside and a comprehensive water sanitation system in Iraq.
Moreover, UKEF intends to extend its impact globally, particularly in low and middle-income countries, by allocating £10 billion to enhance infrastructure and governance, thereby promoting sustainable development while bolstering British employment overseas.
The strategy underscores a shift towards increased digitalization to expand access to finance and insurance services, with the introduction of a fully online insurance service expected soon. This move aims to improve the user experience and accessibility for UK exporters.
Tim Reid, CEO of UK Export Finance, discussed the strategic direction of the plan, stating, “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.”
Reid highlighted the plan’s focus on enhancing customer services, including more robust digital offerings and a commitment to developing innovative solutions that align with the needs of UK businesses aiming for international market penetration.
UKEF is scheduled to publish its annual results in 2024, which will offer insights into the effectiveness of its current programs and their role in supporting UK businesses and the international community.
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