The Chancellor has today announced a major £5 billion Export Refinancing Facility to be operated by UK Export Finance (UKEF). The facility aims to boost trade by ensuring that long-term funding is available to overseas buyers of British exports that are supported by UK Export Finance.
UK Export Finance will work closely with banks and exporters over the coming months to agree the detailed mechanics of the facility. It is expected that the Export Refinancing Facility will be operational by the end of 2012.