ANNOUNCEMENT 27 Sep 2019
In September 2019, the UK Export Finance agency (UKEF) announced providing financial support for a UK-based company's electricity infrastructure project in Angola.
NUMBER OF INTERVENTIONS
UKEF, press release of 27 September 2019, UKEF supports new Angolan power infrastructure and development of sustainable food supply: https://www.gov.uk/government/news/ukef-supports-new-angolan-power-infrastructure-and-development-of-sustainable-food-supply
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 27 September 2019, the UK Export Finance agency (UKEF) announced providing financing to the Government of Angola for the installation of electricity infrastructure in Nothern Angola carried out by UK-based company IQA Group. The financial support has a total value of GBP 83 million (approx. USD 102 million). The project is part of the Angolan government's goal of bettering the electricity supply in the country. Notably, UKEF also supported a similar UK project in Angola in July 2019, see related state act.
In this context, the International Trade Secretary Liz Truss stated in a press release: "Helping businesses seize trading opportunities that lie ahead is one of my key priorities. In its centenary year, UKEF continues to enable companies from across the UK like IQA and Incatuk expand their global reach by helping them succeed abroad. That’s why UKEF is at the heart of my plan to get businesses ready to trade as we leave the EU."
The GTA includes state loans 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.