Clearview North 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 The Next Generation of Vertical Sliders  128mm sculptured profile  Range of foil colour options  “A” rated glass as standard  10 year produ