ANNOUNCEMENT 20 Jun 2018
Between July 2017 and June 2018, the UK Export Finance agency (UKEF) provided financing to support property construction in the United Arab Emirates by UK company.
NUMBER OF INTERVENTIONS
UK Export Finance agency, Transparency data, UK Export Finance: Businesses supported 2017 to 2018, published on 20 June 2018: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/718494/uk_export_finance_businesses_supported_in_2017_to_2018.csv/preview
UK Export Finance agency, How to access export credit insurance, a guide to UK export finance's export insurance policy, Version 1.0, May 2015: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/562051/UKEF_Broker_toolkit_Oct_2016.pdf
UK Export Finance agency, Guidance, Export Working Capital Scheme, Published 24 April 2013, Last updated 16 October 2017: https://www.gov.uk/guidance/export-working-capital-scheme-overview-and-how-to-apply
On 20 June 2018, the UK Export Finance agency (UKEF) published the list of beneficiaries of trade finance transactions for the year 2017/2018.
One of these beneficiaries was Resolute Plot 35 SPV, which was offered a buyer credit and a loan (direct lending) of a total value of GBP 149,330,233 (USD 197,255,657). The buyer credit and loan finance property construction in the United Arab Emirates by Kier Infrastructure & Overseas Ltd. UKEF also provided a loan and buyer credit to two other foreign companies in the UAE in support of Kier Infrastructure & Overseas Ltd's construction activities in the same trade finance transactions period, see related state acts.
Given that UKEF does not provide the exact date that the trade finance deal was signed, the most conservative inception date, i.e. the 20 June 2018, was set as the inception date.
The GTA includes various financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
To be eligible for support from UKEF, the export contract value must have a minimum UK content of 20%. Foreign content imported and utilised as parts or components of the manufacturing process is considered as UK content.