The British government’s credit financing agency UK Export Finance increases its financing limit to £1.5 billion for UK businesses looking to invest and export in Pakistan.
UKEF has increased its financing limit that will boost trade partnerships between the UK and Pakistan and will unleash the growth potential of Pakistan. UK Export Finance helps secure large contracts by providing attractive financing terms to buyers and supporting working capital loans.
On Monday, British High Commissioner to Pakistan Dr Christian Turner met Abdul Razzak Dawood Federal Minister of Commerce in order to discuss bilateral trade ties and business potential.
UK has tripled credit financing for 🇵🇰 business in 2 years to £1.5bn: a sign of economic confidence & potential for further 🇵🇰🇬🇧 business ties #UKPakDosti @MoCommercePk @SMQureshiPTI @UKEF https://t.co/5hUSczrVOp pic.twitter.com/e5nx6Y57Pr— Christian Turner (@CTurnerFCDO) September 14, 2020
The Minister welcomed the announcement of UK Export Finance of increased £1.5 billion in the credit limit for business investment in Pakistan. He especially welcomed this announcement at a time when Pakistan is looking to expand its trade potential to alleviate the impacts of coronavirus.
British High Commissioner to Pakistan Dr. Christian Turner said that UK credit financing for Pakistan has tripled in the last two years. He added that it is the key to achieve his ambition of doubling mutual trade.
He said, “It is a sign of our confidence in Pakistan and the strength of the unique relationship between the two countries. I encourage all Pakistani businesses to look for opportunities to partner with the UK on their journey towards economic prosperity.”
Pakistan’s third-largest export partner is the UK. Pakistan exported 7 percent to the UK of its total exports between July 2019 and March 2020.
The UK export finance has provided 14 million pounds during the last 5 years of support for exports and international trade.