ANNOUNCEMENT 09 Dec 2013
In December 2013, the British government announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
On 9 December 2013, the UK Export Finance agency announced it would guarantee a 300 million USD contract by Reliance Industries Unlimited for investments at the Jamnagar Refinery in the Indian state of Gujarat.
The project envisages the expansion of the current refinery and the construction of a residential township nearby. UKEF will guarantee those parts of the contract covered by UK firms, inter alia Bechtel and Foster Wheeler.
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.