Date Time
UK Export Finance unlocks trade to Egypt and supports UK jobs with £1.7bn guarantee
First export of UK-built trains for over 12 years allows Bombardier to expand manufacturing capacity in Derby
UK Export Finance provides £1.7bn backing for deal with Egypt
Government-backing part of commitment to help exporters across the UK build back better and take advantage of new trade deals
A consortium led by Bombardier Transportation has confirmed a deal with the Egyptian Government to build two new monorails thanks to £1.7 billion backing from UK Export Finance (UKEF), the largest amount of financing it has ever provided for an overseas infrastructure project.
20 January 2021 14:47 GMT Updated 20 January 2021 16:34 GMT in London
The UK has emphasised its commitment to a “green industrial revolution” in a response to Brazilian government concerns about a decision to end export guarantee facilities for oil and gas projects.
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Westminster s position was communicated in a letter sent by Liz Davidson, acting British ambassador to Brazil, to Brazilian Mines & Energy Minister Bento Albuquerque, following on from the latter s December meeting with UK Minister for Business, Energy & Industrial Strategy, Kwasi Kwarteng.
The two ministers on 15 December signed a memorandum of understanding promoting co-operation on renewable energy and de-carbonised growth, but Kwarteng also outlined UK plans to end financial support for fossil fuels overseas.
Kwasi Kwarteng admits tension between UK s new coal mine and climate ambitions
BEIS Secretary Kwasi Kwarteng has admitted that the Government s decision not to intervene with the planning process for a new coal mine in Cumbria is at odds with its domestic climate targets and the messages it wants to send as COP26 host.
Pictured: An artist s impression of the completed mine. Image: West Cumbria Mining Company
Speaking to members of the BEIS Select Committee this morning (19 January), Kwarteng was asked whether he was part of any discussions with colleagues or with Cumbria County Council over recent movements in the case of a new mine for metallurgical coal in Whitehaven.
Analysis
On 31-Dec-2020 IAG announced that its subsidiary British Airways had received commitments for a GBP 2 billion five-year term loan facility underwritten by a syndicate of banks. On 8-Jan-2021 easyJet announced a GBP1.4 billion five year facility, also underwritten by a syndicate of banks.
The unusual feature in both loans is that they are partially guaranteed by UK Export Finance (UKEF), an arm of the UK government.
Such loan guarantees to UK exporters mark a strategic shift for the UK s export credit agency towards more direct support. In the past, its support has typically been indirect, through guarantees provided to foreign buyers of UK-produced goods and services, with direct support to UK exporters generally focused on smaller businesses.