UK Export Finance

UK Export Finance (UKEF) is the UK’s export credit agency and a government department. It is the world’s oldest export credit agency and has a track record of providing world-class support for UK businesses, leading the way in the field of export credits for the last 100 years. UKEF’s mission is to ensure that no viable UK export fails for lack of finance or insurance from the private sector, while operating at no net cost to the taxpayer. UKEF achieves this by providing insurance, guarantees and loans, where the private sector will not, backed by the strength of the UK government’s balance sheet.

In 2020/21, working together with UKEF and HMT, UKGI co-developed a temporary framework in order for UKEF to provide targeted support to UK businesses through the pandemic. This Temporary Covid Risk Framework (TCRF) has been a key pillar in HMG’s support to large UK corporates during the pandemic with UKEF over the year extending £7.3bn of support through this facility. This includes to names such as Rolls Royce, British Airways and easyJet. The TCRF facility has led UKEF to have a record year with more than £12bn of new business written, nearly triple the results in 2019-20.