New Export Guarantee champions UK engineering and design services
- 15 November 2024
- News
The Department for International Trade today launches a new Export Guarantee (EG) specifically tailored for UK companies offering engineering and design services.
The EG is a government-backed guarantee that can be used to support loans, bonds and other financial instruments to provide competitive financing to overseas buyers of UK goods and services.
The new EG for engineering and design services will provide up to £25 million of cover per project, with a maximum of £50 million per company per year. It will be available to UK companies of all sizes, and can be used to support projects in any country.
The launch of the new EG is part of the government’s commitment to supporting the UK engineering and design sector. The sector is a major contributor to the UK economy, worth an estimated £118 billion in 2022. It is also a key driver of innovation and growth, and is responsible for creating new jobs and opportunities.
The EG for engineering and design services will help UK companies to win new business overseas and grow their exports. It will provide them with the confidence to invest in new products and services, and to expand into new markets.
International Trade Secretary, Kemi Badenoch said:
“The UK’s engineering and design sector is world-renowned for its innovation and expertise. This new Export Guarantee will help UK companies to win new business overseas and grow their exports.
“It is part of our commitment to supporting UK businesses of all sizes to succeed in the global marketplace.”
Chief Executive of UK Export Finance, Louis Taylor said:
“We are delighted to launch this new Export Guarantee for engineering and design services. It will provide UK companies with the financial support they need to win new business overseas and grow their exports.
“UK Export Finance is committed to supporting the UK engineering and design sector. This new EG is a further demonstration of our commitment.”
The launch of the new EG for engineering and design services is a welcome development for the UK engineering and design sector. It will provide UK companies with the support they need to win new business overseas and grow their exports.
Key points
- The new Export Guarantee (EG) for engineering and design services is a government-backed guarantee that can be used to support loans, bonds and other financial instruments to provide competitive financing to overseas buyers of UK goods and services.
- The EG is available to UK companies of all sizes, and can be used to support projects in any country.
- The EG for engineering and design services will provide up to £25 million of cover per project, with a maximum of £50 million per company per year.
- The launch of the new EG is part of the government’s commitment to supporting the UK engineering and design sector.
Notes to editors
- The engineering and design sector is a major contributor to the UK economy, worth an estimated £118 billion in 2022.
- It is also a key driver of innovation and growth, and is responsible for creating new jobs and opportunities.
- UK Export Finance is the UK’s export credit agency. It provides financial support to UK exporters and investors, helping them to win new business overseas and grow their exports.
- For more information about the Export Guarantee for engineering and design services, please visit the UK Export Finance website.
New export guarantee champions UK engineering and design services
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