Industry

20 JAN 2020

UK GOVERNMENT GIVES £620M BOOST TO INFRASTRUCTURE PROJECTS IN AFRICA

International trade secretary Liz Truss has announced that UK Export Finance (UKEF) has provided financing worth £620m to support UK exports to Ghana, Zambia, Gabon and Uganda. 

Support provided by UKEF has unlocked overseas contracts for UK exporters to provide goods and services for six national infrastructure projects across Africa, bringing significant social and economic benefits to the continent. 

The £620m of financing support provided by UKEF will provide:

  • 750 hospital beds for maternity care in Ghana;
  • An upgraded terminal at Kumasi airport;
  • 600 hospital beds and 108 rural healthcare centres powered by solar energy in Zambia;
  • An industrial business park set to create 200,000 jobs in Uganda; 
  • Upgrades to over 80 km of road surfaces in Gabon; and 
  • Supply of equipment to a Ugandan roads project.  

Speaking at the UK-Africa investment summit today, international trade secretary, Liz Truss said: “Africa is home to eight of the 15 fastest growing economies in the world and its economic prosperity matters to the UK. We want the UK to be the partner of choice in Africa so I am delighted that, with UKEF’s support, British expertise will form a key component of these infrastructure projects that will directly improve millions of lives.

“We are committed to strengthening our trading relationships in the region, to help deliver jobs and long-term, sustainable economic growth that will benefit African and British businesses alike.” 

Today’s announcements build on a range of infrastructure projects UK Export Finance has enabled in Africa, providing close to £2bn worth of support in the last two years. As such, UKEF has also increased its risk appetite in Egypt, Nigeria and Rwanda, making extra support available for UK exports to Africa.  

UKEF’s country limit for trade with Rwanda has increased fivefold, now worth up to £500m, while its available support to Nigeria has doubled to £1.25bn and its capacity to support for exports to Egypt is now worth £1.25bn.

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