By providing £8.8 billion in new financing last year, UK Export Finance (UKEF) helped 650 UK companies to export, supporting up to 41,000 jobs and adding £3.3 billion to national GDP.
According to the export credit agency’s (ECA’s) annual report and accounts 2023 to 2024, which can be found HERE, this meant an average of almost two businesses securing crucial export financing every day of the year.
UKEF provides loans, guarantees and insurance to help businesses sell their products around the world. With the agency working to make its trade finance products more accessible, over half of the businesses it supported in the period under review were small and medium-sized enterprises (SMEs).
Furthermore, 80% of those small businesses were based outside of London, demonstrating the department’s commitment to delivering growth opportunities across the country.
UKEF’s international impact was also supported by a commitment to sustainable financing. Last year, it became the first ECA to offer climate-resilient debt clauses, which help small-island developing states and low-income countries respond to climate shocks by pausing sovereign debt repayments.
In December 2023, UKEF also became a founding member of the Net Zero Export Credit Alliance — a coalition of ECAs aiming to decarbonise export finance.
Two guarantee products launched by UKEF in recent years have also continued to help exporters secure financing which might otherwise be out of reach:
- The Export Development Guarantee helped companies such as SeAH Wind UK to unlock large loan facilities supporting investment and jobs. Thanks in part to UKEF support, SeAH is now building one of the world’s largest factories to support construction of wind turbines.
- The General Export Facility (GEF) unlocked over £575 million in financial support for UK businesses in 2023/24: a record for the product. Last year, UKEF expanded the range of lenders which could offer financing backed by a GEF guarantee.
