LONDON, June 20 (Xinhua) -- The UK government provided a record 6.8 billion pounds (8.62 billion U.S. dollars) in support for companies to export overseas in 2018 to 2019 as the country prepares for post-Brexit trade, the UK Export Finance (UKEF) revealed in a report on Thursday.
UKEF, the UK's export credit agency, said the 6.8 billion pounds was the highest since 1991, and the exports it powered have also supported an estimated 47,000 UK jobs as demand for British goods across the globe continues to grow.
At the heart of the UK government's export strategy, UKEF provides guarantees, insurance and loans to help UK firms establish themselves in some of the world's fastest growing markets, including the emerging markets, where UK exports have grown by 62.2 percent over the last decade.
Last year, UKEF connected more than 300 companies with opportunities on overseas projects, and provided over 600 million pounds in support for projects in sub-Saharan Africa.
UKEF's direct lending facility provides a source of highly efficient long-term fixed rate financing, which can give UK exporters a competitive edge. It pledges additional 2 billion pounds in capacity for loans from 2020 to 2021.
Committed to making UK a 21st century exporting superpower, Secretary of State for International Trade, Liam Fox, said: "The strategy outlines a streamlined and targeted offer from government for businesses of all sizes, and sets a new ambition to increase exports as a proportion of gross domestic product from 30 percent to 35 percent." (1 pound = 1.27 U.S. dollars)
