ANNOUNCEMENT 24 Jun 2021
In June 2021, UKEF announced that CDE Global secured an export contract with the Tunisian Sebri group with UKEF support.
NUMBER OF INTERVENTIONS
Export Credit Agency of the UK (UKEF), Case Study, “CDE Global first to access UKEF Standard Buyer Loan Guarantee”. Available at: https://www.gov.uk/government/case-studies/cde-global-first-to-access-ukef-standard-buyer-loan-guarantee
Export Credit Agency of the UK (UKEF), Transparency data, UK Export Finance: business supported 2020 to 2021. Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/995941/ukef-list-of-businesses-supported-2020-to-2021.csv/preview
On 24 June 2021, the Export Credit Agency of the UK (UKEF) announced that CDE Global Limited was supported by UKEF’s new guarantee scheme, Standard Buyer Loan Guarantee, to secure a contract to supply materials handling equipment to the Tunisian Sebri Group. Under SBLG, UKEF guarantees a loan to an importer of up to 85% of the contract value. For this particular contract, UKEF’s maximum liability is GBP 12.3 million (USD 15.6 million).
In this context, CEO of CDE Global Marc Jennings said: “This is the second time we’ve partnered with UKEF. (…) The finance facility offered by UKEF for this new project, a second silica sand wet processing plant for our customer Sebri Group, is a boost to our business, sustaining engineering manufacturing roles, and the access to finance ensures our customer can continue to invest in the best solution to help them grow.”
CDE Global is a Northern Irish company offering mining support services. CDE Global has been the first company to benefit from the SBLG scheme. For details of the SBLG scheme, please see the related state act.
To be eligible for support from the Export Credit Agency of the UK (UKEF), transactions must satisfy UKEF’s foreign content policy. According to the UKEF’s guidance on foreign content, the export contract value must have a minimum UK content of 20% (maximum 80% foreign content). Although 20% is the minimum level of UK content to be eligible for support, UKEF seeks a higher level of UK economic activity in transactions.