Government export credit agency, UK Export Finance (UKEF), has published its new 2024-29 business plan, setting out how it intends to support businesses to secure £12.5 billion in new export opportunities.
Through to 2029, UKEF also plans to support businesses deliver £5 billion of investment into their UK operations and support £10 billion in financing for clean growth sectors.
Supported by collaboration with the Department for Business and Trade, British Business Bank and local Chambers of Commerce, UKEF has set out ambitions to support 1,000 small and medium-sized enterprises (SMEs) a year by 2029. Greater access to business financing will support enterprise growth across all UK regions.
The new business plan also emphasises the role of greater digitalisation in widening access to export finance and insurance – with a fully online insurance service expected in coming months.
Tim Reid, CEO of UK Export Finance, said:
“UKEF plays a key role in growing the UK’s trade base by unlocking billions of pounds in financing for UK exporters every year.
“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.
“For our customers it also means more digital services, a better user experience and a continued commitment to deliver innovative and game-changing solutions that work for them, so that UKEF can unlock the finance they need to export.“
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