UK exporters can now offer their overseas buyers UK government-backed finance in over 60 different currencies courtesy of UK Export Finance (UKEF).
Minister for investment Graham Stuart MP has announced an even more flexible local currency offering from UK Export Finance (UKEF), the UK’s export credit agency, to help UK exporters compete for major overseas contracts.
Finance is now available in 62 pre-approved currencies for purchases from the UK in addition to Pound Sterling – as compared to fewer than 15 available in 2010.
Stuart said: “By giving UK exporters the flexibility to offer government-backed finance to their international customers in the currency of their choice, we are increasing the appeal of sourcing from the UK.
"This world-leading offer from UK Export Finance gives buyers all over the world – from Bulgaria to Vietnam – the ability to ‘buy British, pay local.’”
The announcement follows the expansion of UKEF’s local currency offering to 43 currencies following the 2016 Autumn Statement.
The ability to access long-term finance in a flexible range of currencies is particularly beneficial for overseas buyers whose revenue and accounts are in their local currency, helping to increase the competitiveness of a UK exporter’s offering.
The full list of additional currencies is:
Sri Lankan Rupee
New Taiwan Dollar
Trinidad & Tobago Dollar