AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 6 October 2014, the UK Export Finance agency announced its first deal which is part of the new Direct Lending Facility announced in the 2014 budget (cf. Related Measures).
The deal would include a loan worth 110 million USD to secure a contract for construction company Carillion with the Dubai World Trade Centre LLC in the United Arab Emirates.
According to a media report (cf. Sources), UKEF provides loans under the condition that at least 25% of the loan is targeted to support British jobs. Furthermore, the British Chancellor was quoted in a UKEF press release saying "This is a significant and very important contract for Carillion, which will help us to build on our success in the Middle East and make further progress with our strategic objective of growing our business in the region. The Direct Lending Facility is a major new development that is providing us with the support we need to achieve our export goals."
The list of affected trading partners is based on the bilateral import flows into UAE classified under the HS code 98 in 2012, as based on the data provided by UAE National Bureau of Statistics (cf. Sources).
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