UKEF to support Georgian businesses
BAKU, Azerbaijan, Sept.17
By Tamilla Mammadova – Trend:
UK Export Finance's (UKEF's) interest in Georgia reflects its confidence in the long term economic stability of the country’s economy, UKEF told Trend.
"UKEF manages its financial exposures with reference to a set of Country Limits, i.e. its risk appetite for the amount of business it is willing to support in a country," the organization said.
According to UKEF, individual Country Limits are based on the size of the country’s economy and its risk profile. UKEF is the UK’s official Export Credit Agency (ECA) working closely with the Department for International Trade (DIT).
"Its mission is to ensure that no viable UK export fails for lack of finance or insurance. One way UKEF helps UK companies to win overseas contracts is by providing attractive commercial financing terms to their buyers. Its support is available for all sectors and UKEF endeavors to provide financing for projects in a mutually beneficial manner," the organization said.
As the source noted, clean energy is a particular area of interest as UKEF wants to support Georgia in its efforts to foster economic development in a sustainable manner.
Meanwhile, UK Export Finance has increased the capacity of market risk appetite to 3 billion pounds for Georgia this year. This is the total amount of risk exposure the agency would be willing to support businesses in Georgia.
"This additional support will help companies to access finance for projects, opening up new and exciting trade opportunities,” UK Minister for European Neighborhood, Wendy Morton on her twitter account.
Georgian Foreign Minister, Davit Zalkaliani, expressed his gratitude to UKEF for encouraging economic opportunity and prosperity in Georgia.
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