UK Export Finance’s (UKEF) direct lending facility has been more than doubled to £8 billion, with £2 billion allocated for clean growth projects.
The Chancellor, Rishi Sunak, significantly increased the finance available to the export credit agency, which provides overseas buyers of goods and services with financing support.
The finance bookmarked for clean growth will be used to support sustainable and renewable projects and encourage the transition from a fossil fuel-based economy to one driven by low carbon solutions.
UK Export Finance’s Chief Executive Officer, Louis Taylor, said: “Enhancing direct lending and other world-leading support available from UK Export Finance will encourage overseas companies to source from the UK and help exporters across the country succeed abroad. This is a huge increase to our capacity to support UK exports.”
UKEF recently announced it was providing a £230 million project finance guarantee to support the construction of an offshore wind farm in Taiwan.