ANNOUNCEMENT 20 Jun 2018
Between July 2017 and June 2018, the UK Export Finance agency (UKEF) provided financing to support a UK company's aircraft engine overhaul services in the United States.
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 Atlas Air Inc, which was offered a buyer credit of a total value of GBP 25,780,157 (USD 34,053,933). The buyer credit supports the UK company GE Caledonian's aircraft engine overhaul services in the United States.
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.