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HomeBalkansUK and Albania Outline £4 Billion Ambition for Closer Export Ties

UK and Albania Outline £4 Billion Ambition for Closer Export Ties

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UK Export Finance CEO will call on UK businesses to grasp opportunities to export to Albania.

  • Tim Reid, CEO of UK Export Finance, the Albanian Prime Minister and Finance Minister will today outline their £4 billion ambition for a closer export relationship
  • This could deliver a minimum of £800 million in value to businesses across the UK
  • Tim Reid will issue a ‘call to action’ to British businesses to export to Albania using UKEF’s attractive terms to help raise debt finance
  • The two countries will agree to be partners in economic development and sustainable projects in Albania and the wider Western Balkans

The Chief Executive of UK Export Finance (UKEF), Tim Reid, today meets with the Albanian Prime Minster, Edi Rama and Finance Minister, Delina Ibrahimaj, to cement their £4 billion ambition for a closer UK-Albania export relationship.  This £4 billion marks a doubling of the previously published market risk appetite for UKEF support for Albania and signals the huge opportunity available for UK exporters.

Total UK exports to Albania reached £144 million in the 12 months to September 2022, an increase of £97 million in current prices on the previous year. The visit will build on this growing trade relationship and result in an agreement to work more closely.

Deals made between the two countries would help grow the UK economy, support job creation and help deliver the government’s wider levelling up agenda. A £4 billion ambition would mean a minimum £800 million value to British businesses. This is because Albanian buyers would be required to source from the UK supply chain under the conditions of UKEF’s finance.

UKEF has an International Export Finance Executive based in the Western Balkans who works alongside other government teams in these countries as well as covering Central and Eastern Europe. The IEFE’s work closely with the overseas buyers to showcase the UK supply chain. They are on hand all over the world to discuss financing options available from UKEF to support the exports of UK goods and/or services.

An example of UKEF support in the Eastern European region includes a £360 million guaranteed loan for the construction of a 5G-ready motorway in Serbia. The UKEF support for this motorway project, announced in October 2021, is creating value worth approximately £125 million to the UK economy.

Source: GOV.UK

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