UKEF reintroduces cover for Iran
UK Export Finance (UKEF), the UK’s export credit agency, has reintroduced cover to support UK companies seeking to compete for business in Iran.
Cover is now available on a case-by-case basis in Sterling and Euros and in recognition of the UK’s place as a global centre for financial and professional services, UKEF is making available a £50 million facility guaranteeing payments to UK professional advisory service providers advising the government of Iran. This can cover advice on areas such as: accounting standards; capital market development; compliance with global regulatory requirements; accessing and reducing the cost of financing; and facilitating new trade. UKEF says it will also consider applications for direct lending to purchasers of British exports to Iran.
Minister for Trade and Investment, Lord Francis Maude, comments: “The UK government fully supports expanding our trade relationship with Iran and we would encourage UK businesses to take advantage of the commercial opportunities that will arise from sanction relief. Following the reopening of the British Embassy in Tehran in August last year, UKTI now has a presence on the ground to support trade between our two countries.”