The government has announced a £13 billion expansion of UK Export Finance’s (UKEF) Direct Lending Facility, aimed at supporting British exporters across key industries.

Through its Direct Lending Facility, UKEF, the government’s export credit agency, helps overseas buyers finance purchases from UK suppliers. This funding uplift, part of the newly published Industrial Strategy, gives UKEF greater flexibility to support all eight Industrial Strategy sectors.

Alongside the lending increase, UKEF will launch a new loan guarantee scheme to support access to critical minerals. The agency also plans to legislate to raise its statutory commitment limit, allowing it to support more businesses across the country.

To strengthen local delivery, UKEF will expand its network of export finance managers, focusing on city regions and industrial clusters. These specialists offer free, impartial guidance on export finance options.

The announcement comes ahead of UKEF’s 2024-25 annual report, which is expected to confirm a record year. In 2023-24, the agency supported 650 UK businesses of all sizes and types with £8.8 billion in backing.

See: https://www.gov.uk/government/news/ukef-unveils-new-strategic-financing-for-industrial-growth