GE in agreement with UK government, could create up to 1000 jobsStaff writer ▼ | September 24, 2015
GE has reached an agreement with the UK export credit agency UK Export Finance (UKEF) to access export financing for up to $12 Billion.
Since 2003, GE has invested over $21 billion in the UK. These investments make GE one of the leading investors into the UK, generating significant volume of exports. GE’s Oil and Gas Subsea Division alone exported close to $1.3 Billion to 54 countries in 2014. UKEF has been a valued partner in supporting export financing for GE customers.
Under the terms of the memorandum with UKEF, GE has pledged ongoing support for its UK supply chain.
In addition to providing export finance support, UKEF has agreed to add GE as a member of its Direct Lending Facility Partnership Panel which will allow the company to provide technical, commercial and financial solutions to our customers.
UKEF is also offering GE a new ‘top-up’ support facility of up to $750 million, subject to individual project approval and due diligence. This will create an additional financial incentive for UK exports and assist GE customers to close on UK made products. ■