UK Export Finance (UKEF) CEO Tim Reid met Rama and Finance Minister Delina Ibrahimaj to cement the £4 billion deal for a closer UK-Albania export relationship.
This £4 billion marks a doubling of the previously announced market risk allocation 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 trading relationship and conclude with an agreement for closer cooperation.
Tim Reid, CEO of UK Export Finance, says: “There are significant opportunities here for UK businesses. Trade volumes with Albania are increasing dramatically, demonstrating the huge appetite for British exports. With UKEF’s support, more companies can reap the benefits of exporting.
“We also welcome the recent launch of the British Chamber of Commerce in Albania. This new organisation will help connect British and Albanian businesses.
“Our closer relationship with Albania will unlock a new phase of cooperation in areas such as renewable energy, healthcare and transport. Last year we celebrated 100 years of our trade relations, I look forward to continuing our work with Albania and strengthening our great export relationship.”
The deals to be concluded between the two countries will help grow the UK economy, support job creation and contribute to the Government’s wider agenda. A £4 billion ambition would mean a minimum value of £800 million for UK businesses. This is because Albanian buyers would be required to source from the UK supply chain under the terms of UKEF funding.
UKEF has an International Export Finance Executive based in the Western Balkans, working alongside other government teams in these countries, as well as covering Central and Eastern Europe. IEFE works closely with overseas buyers to showcase the UK supply chain. They are on hand around the world to discuss the finance options available from UKEF to support exports of UK products and/or services.
An example of UKEF support in the Eastern Europe region includes a £360 million guaranteed loan for the construction of a 5G highway in Serbia. UKEF’s support for this highway project, announced in October 2021, creates value of around £125 million for the UK economy.
