Clearview Midlands June 2014 - Issue 151 | Page 23

INDUSTRYNEWS

UK EXPORT
FINANCE LAUNCHES
£5bn Export
Refinancing
Facility to boost
UK exports
UK Export Finance, the UK’s
export credit agency, has
launched its £5 billion Export
Refinancing Facility.
The Export Refinancing
Facility (ERF) will enable
UK-based exporters to offer
competitive long-term financing
to overseas buyers who require
loans in excess of £50 million to
purchase UK capital goods and
services.
The ERF is targeted at project
sponsors in emerging markets
who need long-term loans to
finance investment-related
capital goods and services for
high value opportunities such
as large-scale construction or
infrastructure development
projects. It allows overseas buyers
to access the highly competitive
funding of the debt capital
markets to refinance export
finance loans after their initial
funding by the banks.
The ERF will support UK
bids for these projects which
typically involve lengthy contract
negotiations. It is the first time
this financing approach is being
used for civil project finance by
an export credit agency.
Under the new facility, UK
Export Finance will guarantee
repayment of bonds issued by
the buyer to refinance the initial
loan. This will allow the bonds to
be competitively priced at a fixed
rate, which takes account of the
UK’s credit rating. Should the
borrower be unable to refinance
the loan, UK Export Finance
will become the lender until
alternative funding is found.

Trade Minister Lord
Livingston said:
“Increasing UK exports
and giving UK exporters the
support they need is key to our
long-term economic plan to
promote sustainable growth.
The Export Refinancing
Facility will help British firms
succeed overseas by lowering
the cost of finance for buyers
who choose UK companies for
their major projects.long-term
projects and finance options at
competitive rates.”
David Godfrey, CEO of UK
Export Finance, said:
“We are being more targeted
and innovative in our support
of UK exporters. In particular,
we are building closer
partnerships with banks and
professional advisers to ensure
UK exporters have the full
range of support available for
export success.”
Professional services firm
KPMG has worked with
UK Export Finance on the
department’s contribution to
the UK’s growth and enterprise
agenda. Jeremy Barker,
KPMG’s director of corporate
finance said:
“KPMG has been working
with UK Export Finance to
improve UK competitiveness
in overseas markets. We
believe the launch of the
ERF, along with other UKEF
developments announced in
the recent Budget, will put
the UK in the frame for major
overseas projects.”

To read more, visit www.clearview-uk.com

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