UKEF, the Government department which supports companies with their overseas trade ambitions, recently published their latest business plan. Titled ‘2024-29 Business Plan’, this document sets out UKEF’s intention to help firms win over £12.5bn of new business by 2029.
UKEF (UK Export Finance) is the country’s export credit agency and in this latest business document they have outlined their pledge to provide £10bn in clean growth financing, along with a further £10bn for companies investing in developing markets. And the publication also mentioned UKEF’s plan to commit their support to assist 1,000 SMEs every year, by 2029.
Tim Reid, the chief executive of UKEF, said: “Our focus is to play a key role in growing the UK’s trade base. And we do this by unlocking billions of pounds in financing for UK exporters each year. Our new plan should help UK businesses that are involved in large international projects and there will be opportunities created by new free trade agreements.
“For our customers it also means more digital services, a better user experience and a continued commitment to deliver innovative and game-changing solutions. UKEF exists to help businesses unlock the finance they need to export. Among our objectives is to catalyse growth in UK trade through UKEF’s world-leading export finance and insurance offer.
“We also hope to significantly increase the number of SMEs which benefit from our support; and to drive local growth across all regions; and to position UK exporters and suppliers at the heart of the global low carbon transition. We want to use our finance in developing markets to create a positive impact overseas and in the UK.”
What does the ‘2024-29 Business Plan’ say?
1) A commitment to help companies across the United Kingdom to win over £12.5bn in new contracts by 2029, as well as unlock £5bn of investment into their UK operations;
2) It is supported by the Department for Business and Trade, British Business Bank and local Chambers of Commerce. UKEF will support 1,000 small and medium-sized enterprises (SMEs) every year by 2029;
3) Greater access to business financing to support enterprise growth across all UK regions;
4) To support £10bn in financing for clean growth sectors over the next five years. This builds on UKEF’s proud history to support sustainable growth in both the UK and internationally. The agency has backed ‘clean-growth exports’ over the last year, which has included financial support of £367m for the construction of large wind technology factories in Teesside. They have also helped to finance a 350km water sanitation system in Iraq;
5) UKEF will continue to promote the role of UK exports by creating sustainable growth overseas. It aims to secure £10bn in financing for UK exports to low and middle-income countries, while driving infrastructure improvements in developing markets;
6) The new plan emphasises the role of greater digitalisation, with a fully online insurance service expected in the coming months.
UKEF, also known as the Export Credits Guarantee Department, has been a ministerial department within the UK Government for more than 100 years. It is expected to publish its next annual results in June 2024, emphasising how it supports UK businesses and international communities.
