UK Export Finance (UKEF) has published its results for 2019 to 2020 showing that it provided £4.4 billion in support for UK exports, helping companies trade with 69 countries.
It supported 339 companies in 2019–20, up 29% on the previous year and with a sharp increase in companies in supply chains indirectly benefiting from UKEF support.
Three-quarters (77%) of the companies UKEF supported were small and medium-sized businesses and the great majority (88%) of these were based outside London.
In the year the UK hosted the UK-Africa Investment Summit to strengthen trade ties with the continent, UKEF has seen significant growth in its support for UK exports to Africa.
It provided £780 million of support to facilitate UK exports to African countries, up from £625 million last year and rising from just £85 million five years ago.
Secretary of State for International Trade, Liz Truss, said: “Supporting international trade will be crucial as the UK looks to recover from the impact of the COVID-19 pandemic. UKEF is already playing a critical role at the centre of the government’s plan to power an export-led recovery and its offer is more important than ever for UK exporters.”
UKEF has also launched its 2020 to 2024 Business Plan which sets out how it intends to meet the challenges of providing export credit and trade finance support over the next four years, particularly as the UK recovers from the impact of Covid-19.
UKEF’s mission for this period is “to ensure that no viable UK export fails for lack of finance or insurance from the private sector, while operating at no net cost to the taxpayer”.
Last reviewed 29 June 2020