THE BUSINESS OF INTERNATIONAL TRADE
The UK's Export Credit Agency, UK Export Finance (UKEF), has confirmed that it recently took steps to triple its capacity for Bangladesh to £2.5bn. According to UKEF, the announcement is intended to improve trade between the UK and Bangladesh, and to "help unleash Bangladesh’s growth potential". UKEF also say that the improved capacity will "help UK exporters and Bangladeshi buyers access finance for projects in the country."
It's been confirmed that this additional support will be on top of existing UK support for the economic development of Bangladesh. One such existing support package is the Bangladesh Investment Climate Fund, which the UK government is supporting in order to improve the business climate and environment in Bangladesh.
Discussing the announcement, Robert Chatterton Dickson, British High Commissioner to Bangladesh, said that UKEF's increased capacity for the country " is a great opportunity to expand and diversify the UK-Bangladesh trade and economic relationship. Bangladesh is an economic and development success story, with huge potential for further growth as the recovery from COVID gathers pace and new opportunities emerge for greener and more diversified growth. UKEF’s announcement demonstrates UK determination to be a partner in that success."
According to the UK government, Britain is Bangladesh's third single largest export partner, with imports at £3.3bn for 2019. The UK is also the second largest cumulative investor in Bangladesh, with £1.9bn of investments.
For further information on how to apply for finance from UKEF, go to www.great.gov.uk/get-finance
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