Foreword from Louis Taylor, Chief Executive of UK Export Finance
Angola is an emerging market for UK exporters, forming an important part of an exciting expansion of trade with Africa that is a priority of the UK government.
As with all emerging markets however, there are risks and uncertainties alongside the opportunities. This is where UK Export Finance (UKEF) can help. As the UK’s export credit agency, and a government department, we help UK businesses realise their ambitions for international expansion, working to help them access the export finance products they need to grow.
UKEF provides insurance to exporters and guarantees to banks to share the risks of providing export finance. In addition, we can make loans to overseas buyers of goods and services from the UK. Overall, our products can help tackle three of the most common barriers to exporting: strains on cashflow; risk of non-payment; and availability of finance for overseas buyers.
Over the past four years, UKEF has supported UK exports across all sectors to 19 African nations, from Algeria to Zambia. We continue to build on this and are looking to support transactions in more countries across the region – including Angola, the subject of this handy guide.
A typical recent example of UKEF support for an export to Africa was the guarantee of 80% of a bond needed by Herefordshire-based Micron Sprayers, to fulfil a contract to supply agricultural equipment to a cotton producer in Cameroon. Our support allowed the contract to go ahead without affecting the UK company’s ability to borrow working capital from its bank, allowing it to bid for several new contracts in Africa.
This is just one example of how we can help a business grow by backing its trade ambitions. We look forward to many more examples in the years ahead.
Chief Executive of UK Export Finance
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