ANNOUNCEMENT 07 Feb 2019
On 7 February 2019, the UK Export Finance agency (UKEF) announced providing financing to support a UK company's bridge construction project in Sri Lanka.
NUMBER OF INTERVENTIONS
UKEF Press release of 7 February 2019, UKEF supports Cleveland Bridge contract to develop essential infrastructure in Sri Lanka: https://www.gov.uk/government/news/ukef-supports-cleveland-bridge-contract-to-develop-essential-infrastructure-in-sri-lanka
Cleveland Bridge: https://www.clevelandbridge.com/products-and-services/
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 7 February 2019, the UK Export Finance agency (UKEF) announced providing financing to support the UK company Cleveland Bridge's project concerning the construction of 250 bridges in Sri Lanka. The financing has a total value of GBP 49 million (approx. USD 63.5 million).
In this context, the International Trade Secretary, Dr Liam Fox stated in a press release: "Cleveland Bridge demonstrates the value British design and engineering can bring to the world stage. Over the course of the last 100 years UK Export Finance has led the way in delivering innovative finance to help British companies achieve international success across a wide range of industries and countries."
Additionally, Commercial Consultant at Cleveland Bridge Don Underwood stated: "We are delighted UKEF has chosen to support this project, and Cleveland Bridge’s continued growth. UKEF’s flexible support is hugely important for our international success, helping us build confidence with our overseas customers and access financing to deliver dynamic projects."
Cleveland Bridge is based in the United Kingdom and is a design and construction company of bridges as well as other activities including providing construction services.
The GTA includes state guarantees and other 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.