ANNOUNCEMENT 22 Jun 2021
In the 2020-21 period, the Export Credit Agency of the UK (UKEF) announced providing financing to support Airbus SAS' export of aircraft to Dubai.
NUMBER OF INTERVENTIONS
UK Export Finance agency, Transparency data, UK Export Finance: Businesses supported 2020 to 2021, published on 22 June 2020. 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
UKEF, Guidance, “UKEF's approach to foreign content”. Available at: https://www.gov.uk/government/publications/ukefs-approach-to-foreign-content/ukefs-approach-to-foreign-content
On 22 June 2021, the UK Export Finance agency (UKEF) published the list of businesses supported by UKEF in the 2020-21 period.
According to the list, Emirates Airlines was provided financing in the form of an asset-based guarantee having a total value of GBP 142.7 million (USD 198 million). The financing was provided to support the Airbus S.A.S.’s export of aircraft to Dubai.
Given that UKEF does not provide the exact date that the trade finance deal was signed, the most conservative inception date, i.e. the 22 June 2021, was set as the inception date.
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.