ANNOUNCEMENT 17 Jul 2015
In July 2015, the British government announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
On 17 July 2015, the UK Export Finance agency announced in a press release that it had issued its first guarantee for a sukuk (Islamic loan).
The loan worth 913 million USD would finance the purchase of four A380 Airbus carriers by the Emirates airline. UKEF mentioned that about a third of the airplane's value was constructed in the UK.
A state measure in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. On this metric, the state aid proposed here is discriminatory.
According to 2014 trade figures, the United Arab Emirates imported aircrafts worth more than 1 million USD from Canada, Germany and the United States. Given that Germany also benefited from the UKEF investment support (part of the A380 is constructed in Germany), only the two North American countries were listed as affected trading partners
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.