UK Export Finance doubles support for sustainable projects overseas to £2.4bn in 2020

Financing was provided for projects including offshore wind farms, solar farms and major transportation projects

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UK Export Finance (UKEF) backed around £2.4 billion of sustainable projects overseas in 2020, doubling the amount it provided the year before.

It supported UK companies in helping bring new hospitals, clean energy, transportation and critical infrastructure to developing countries.

That includes more than £1.9 billion of financing for major transportation projects, including Egypt’s new electric monorail line and more than £120 million for major energy transformation projects including two offshore wind farms in Taiwan and two of Spain’s largest solar power plants.

In addition, around £27 million was provided for a solar-powered clean water project in Ghana that will deliver five litres of water a dat for less than a quarter of a penny.

According to UKEF, an independent assessment of national export credit agencies released by Trade & Export Finance (TFX) showed the UK provided the second most export credit support for sustainable projects last year.

Sustainable and green projects are defined by TFX in 16 categories, including renewable energy, biodiversity conservation, affordable housing and food security.

Minister for Exports Graham Stuart MP said: “This major financing of critical work helps to bring prosperity to millions of people around the world. We increased UKEF’s capacity to support overseas projects in over 100 markets last year and its financing has placed UK businesses at the heart of many important global projects as a result.

“Free and open trade, backed by global rules, offers the lowest income countries a better deal. As we build back better from the pandemic, we are determined to help developing countries benefit from UK capability and will use our export credit agency, UKEF, to ensure no viable export fails for lack of finance.”

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