Latest news with #UKExportFinance
Zawya
3 days ago
- Business
- Zawya
A Cooperation Protocol between Rowad Modern Engineering and UK Export Finance
Rowad Modern Engineering has announced the signing of a Cooperation Protocol with UK Export Finance (UKEF) at the British Embassy in Cairo. The signing was attended by Gareth Bayley, British Ambassador to Egypt; Eng. Mohamed Mahlab, CEO of Rowad Modern Engineering; and Mr. Mohamed Saad, Country Head for Egypt and Algeria at UK Export Finance (UKEF), representing Mr. Tim Reid, Chief Executive Officer of UKEF. Also in attendance were Eng. Yasser El-Saadany, Commercial Sector Director and General Manager of Rowad Modern Engineering's branch in the Kingdom of Saudi Arabia; Mr. Ahmed Shafik, Chief Financial Officer of the company; and Eng. Mostafa El-Saadany, Technical Sector Director of the company. The protocol aims to strengthen strategic cooperation between the two parties to support innovation, quality, and long-term impact in development projects. It also opens the door for British exporters to contribute to development in Africa and the Middle East. and build strong trade relations between the Egypt and the UK, enabling access to innovative financing solutions for potential projects across the Middle East and Africa, and stimulating economic growth. On this occasion, Eng. Mohamed Mahlab, CEO of Rowad Modern Engineering, expressed his satisfaction with the partnership, stating: 'This Cooperation Protocol marks a significant strategic milestone that reflects our leadership in executing large-scale, complex projects both locally and regionally. It reinforces our position as a development partner capable of delivering practical, implementable financing solutions with a sustainable presence in the regional market.' Mahlab added that the collaboration with UKEF reflects the company's commitment to expanding international partnerships and supporting economic and social development efforts. He noted that the protocol paves the way for accessible financing opportunities for mega infrastructure and development projects in the Middle East and Africa, enhancing Rowad's position as an internationally oriented Egyptian company and a trusted partner in sustainable development projects. From his side, Mr. Mohamed Saad, Country Head of UKEF, commented: 'We are pleased to partner with Rowad Modern Engineering, This partnership opens new horizons for expanding and strengthening trade relations between the UK and Egypt.' Saad added that the protocol reflects UKEF's commitment to supporting economic growth through flexible and innovative financing solutions. The agreement includes the exchange of relevant information, provision of technical and advisory support, and consultations tailored to each party's needs. The British Embassy played a key role in facilitating this cooperation by enabling communication between the two sides and providing a supportive diplomatic framework for developing effective economic partnerships. The embassy also plays an important role in promoting investment exchange between Egypt and the UK across various sectors, including priority areas such as infrastructure, green energy, and digital transformation. Moreover, UKEF's support aligns with its environmental, social, and human rights policies, as well as with OECD recommendations and guidelines. The cooperation protocol between Rowad Modern Engineering and UKEF strengthens the economic partnership between Egypt and the UK. This renewed collaboration reflects both parties' commitment to finding innovative financing solutions that support sustainable development and international trade, and reinforces Egypt's role as a regional hub for high-value, large-scale projects.
Yahoo
5 days ago
- Business
- Yahoo
UKFT calls for action to boost growth, exports for fashion SMEs
The UKFT's specific actions, which incorporate insights from various fashion and textile industry stakeholders, were submitted to the House of Commons Business and Trade Committee. This request for immediate, substantial support for micro and SMEs is particularly critical as it encompasses strategies to aid exporting firms. Principal recommendations from UKFT Formulation of a new strategy for micro and small businesses, ensuring parity with the support available to EU counterparts, overhauling the tax and business rates system, and conducting a thorough reassessment of how SME policies are developed and implemented More effective representation in government, advocating for a more influential role for industry bodies in policy-making processes and a shift from generic SME guidance to specialised support that addresses the actual needs of businesses in tangible markets Fair competition and access to finance, pressing for definitive measures that would enable smaller firms to compete with larger corporations and international entities. This includes tax reforms, enhanced procurement opportunities, and bespoke financial solutions for businesses with turnovers below £250,000 ($336,000) Reinstating the Tradeshow Access Programme, making UK Export Finance (UKEF) more applicable to consumer goods sectors, and ensuring that Embassies provide substantial support to SME exporters Rejuvenating the high street through cost reduction, VAT-free shopping incentives for international visitors, and renewed efforts to encourage and assist independent retailers Addressing cost pressures is another area of concern, with calls for action on energy costs, National Insurance contributions, rent issues, as well as specific reliefs for manufacturing and retail businesses operating within the UK A tax system that supports domestic production and mandates that imported goods adhere to equivalent standards Introduction of funding effective programmes like the Manufacturing Advisory Service while discontinuing ineffective ones Backing family-run and smaller enterprises that are not yet prepared for private investment alongside practical export finance options for reliable markets Provision of industry-specific technology and innovation assistance to enhance smart productivity, rejecting inadequate digital guidance and mismatched programmes Cohesive action from the government, emphasising collaboration with the sector to address genuine business requirements rather than merely pursuing political objectives. Lastly, the UKFT challenges the current government benchmarks, which it says do not correspond with standard business operations. Instead, the association proposes an alternative evaluation method that focuses on the number of micro and SMEs engaging in export activities, their sustainable growth, and their ability to penetrate new markets. In March this year, the UKFT introduced a new membership category to support circularity, growth and innovation within the UK's fashion and textile industry. "UKFT calls for action to boost growth, exports for fashion SMEs" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
11-07-2025
- Business
- Yahoo
Ørsted finalises $3bn for 632MW Greater Changhua 2 wind farm
Ørsted has closed a finance package of T$90bn ($3.08bn) to support the development of the Greater Changhua 2 offshore wind farm in Taiwan. The deal comprises contributions from 25 banks and five export credit agencies: Export Finance Norway (Eksfin), EIFO Denmark, KEXIM South Korea, T-EXIM Taiwan and UK Export Finance (UKEF). The financial close is part of Ørsted's broader strategy, which includes an equity divestment programme to be completed when the project becomes operational. The Greater Changhua 2 wind farm is between 50 and 60km offshore Taiwan's Changhua County. With a capacity of 632MW, it includes the operational Greater Changhua 2a and the under-construction Greater Changhua 2b, with full commissioning expected by late 2025. Ørsted Group chief financial officer Trond Westlie stated: 'We've received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2. This shows that there is a healthy appetite for premium assets with robust contractual structures, and it's a clear sign that we're working diligently to deliver on our divestment and partnerships programme. 'While funding of Ørsted's activities primarily has been undertaken at the group level, we have extensive experience in structuring financing packages on behalf of incoming partners. This transaction is another important step forward for the strategic priorities we've set for ourselves.' The project is also expected to support UK-based companies such as Cadeler, CRP Subsea, Ordtek and Cathie to supply services and components. Minister for Exports Gareth Thomas said: 'This shows how government is boosting exports in our key growth sectors and supporting jobs across the country as part of our Plan for Change. 'This investment will enable British innovation in renewable technology to scale up Taiwan's clean energy transition and follows our modern industrial strategy, which provides up to £13bn of direct lending for UKEF to help businesses to export.' In May 2025, Ørsted finalised the sale of a 24.5% stake in the West of Duddon Sands offshore wind farm, 14km from the west coast of England, to Schroders Greencoat. "Ørsted finalises $3bn for 632MW Greater Changhua 2 wind farm" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business News Wales
04-07-2025
- Business
- Business News Wales
UKEF Announces Enhanced Business Support to Improve International Trade
Smaller businesses are set to benefit from extra support to maximise orders from international buyers. UK Export Finance (UKEF) has enhanced its export insurance with a new Small Export Builder option, making export protection more accessible to smaller businesses seeking financial security when trading internationally. The department is also introducing a 'Repeat Order Guarantee' so international buyers can easily keep accessing goods and services from their most trusted UK suppliers of all sizes and in a more streamlined way without the need of repeated applications, reducing red tape for business. It says this will help businesses to plan ahead and give greater assurance to UK-based supply chains. Trade Minister Douglas Alexander said: 'This new hard-headed, data driven, and agile approach to trade policy is guided by our pragmatic patriotism. In this changed and challenging world, we will promote what we can and protect what we must to advance the UK's national interest. 'With its larger £80 billion remit, UKEF takes a central role in helping the government to achieve its trade objectives, and support exporters to fulfil orders, create jobs and get paid.' UK Export Finance CEO Tim Reid added: 'We're focused on delivering measurable impact for our customers, placing their needs at the heart of everything we do. 'UKEF supports businesses through providing financing, guarantees and insurance to support UK exports. We continue to focus on making our products more accessible and easier to use. 'Our updated insurance offer and Repeat Order Guarantee are fantastic additions to our portfolio and underscore our efforts to support long-term export growth.' The measures are announced ahead of UKEF's 2024/25 annual report and accounts which will be published soon. The results will build on the 2023/24 financial year in which UKEF provided over £8.8 billion of support to 650 businesses, supported up to 41,000 jobs in communities around the whole UK and the contribution of up to £3.3 billion to the overall economy.
Zawya
01-07-2025
- Business
- Zawya
Jobs boost as the United Kingdom (UK) and Kenya bolster economic and security partnership
Trade and investment deals agreed during the visit will contribute over £1bn to the UK economy and create UK jobs in engineering, defence industries, technical and advisory services, and financial services The UK and Kenya will also increase collaboration to tackle organised crime, human trafficking and illicit finance through the UK-Kenya Security Compact The UK and Kenya will commit to a new Strategic Partnership as Kenyan President Ruto visits London The UK and Kenya will commit to working together to drive economic growth, protect climate and nature, foster collaboration in science and technology and strengthen regional security. During a visit to the UK by the President of Kenya, a pipeline of trade and investment deals worth over £1bn to the UK economy were agreed which will deliver on this government's commitment to boost jobs and prosperity back in the UK, as part of the government's Plan for Change. This includes the launch of a tender for a major urban redevelopment project in Nairobi which has been inspired by the regeneration of London's Kings Cross. The Nairobi Railway City project has already provided opportunities to UK businesses with British architecture firm Atkins UK chosen to design the central rail station and public square. The Government of Kenya is exploring funding the project through finance mobilised by the UK's Export Credit Agency, UK Export Finance, which will create UK jobs in engineering, technical and legal services. Both countries also agreed stronger cooperation to disrupt the air, land and sea routes used by organised crime groups to prevent illegal migrants transiting through Kenya in attempts to reach Libya and other countries before travelling on to Europe. Four of the top ten countries for Small Boat arrivals in the UK are near neighbours of Kenya (Eritrea, Sudan, Somalia and Ethiopia). Foreign Secretary, David Lammy, said: "Through our shared history and values the UK and Kenya have always had a close connection." "Now we are building a shared future; a modern, innovative and respectful partnership which is delivering real benefits – boosting growth and creating jobs for both Kenyans and the British people. We're going far, together." The UK and Kenya have also committed to increased defence and counter terrorism collaboration, including joint training and the creation of a new counter insurgency, terrorism and stability operations centre. Defence sales worth over £70m were agreed during the visit supporting manufacturing jobs in County Durham, Northamptonshire and Surrey. Kenya hosts the UK's most significant military footprint in Africa, including a facility that trains 3,000 UK troops a year. The UK's world leading financial services sector will also benefit; Lloyd's of London will announce today that they will be joining the Nairobi International Finance Centre, which will deepen the partnership between two leading financial centres providing access to up to £500m of insurance market potential in Kenya and the East Africa region. The two countries also committed to explore the potential of a bilateral digital trade agreement. Dubbed 'Silicon Savannah', the value of Kenya's tech sector is projected to reach £11.5bn by 2032. A digital trade agreement will open up opportunities in the sector for UK Plc. Distributed by APO Group on behalf of United Kingdom Foreign, Commonwealth and Development Office.
