Foreign buyers of UK exports can now access government-backed finance in 62 pre-approved local currencies, the government has announced.
The finance will be made available through UK Export Finance (UKEF), the country’s export credit agency. It builds on UKEF’s local currency offering extension to 43 currencies in November 2016, an increase from less than 15 currencies available in 2010.
It is hoped the initiative will help more exporters compete for overseas contracts, by allowing foreign buyers to access long-term finance in their local currency when they buy from British firms.
Access to long-term finance can gave huge benefits for foreign buyers with revenue and accounts in their local currencies. UKEF aims to increase the competitiveness of what an exporter can offer.
In a statement, the UK’s minister for investment, Graham Stuart, said: “This world-leading offer from UKEF gives buyers all over the world – from Bulgaria to Vietnam – the ability to ‘buy British, pay local.
“By giving UK exporters the flexibility to offer government-backed finance to their international customers in the currency of their choice, we are increasing the appeal of sourcing from the UK.”
UKEF support for exporting businesses will be approved on a case-by-case basis, the government has confirmed.
The new currencies UKEF can now offer pre-approved local currency financing for include:
Bulgarian lev, Colombian peso, Croatian kuna, Dominican peso, Ghanaian cedi, Jordanian dinar, Kazakhstani tenge, Mongolian togrog, Moroccan dirham, Nigerian naira, Pakistani rupee, Panamanian balboa, Philippine peso, Romanian leu, Serbian dinar, Sri Lankan rupee, New Taiwan dollar, Trinidad and Tobago dollar and Vietnamese dong.
Sign up to our newsletter to get the latest from Business Advice.