The UK’s Export Credit Agency, UK Export Finance (UKEF), more than trippled the export credit for Bangladesh to £2.5 billion recently.
The move will boost the trade partnership between the two countries and help Bangladesh unleash its growth potential, British High Commission officials in Dhaka said on Friday.
The additional support will help UK exporters and Bangladeshi buyers access to finance for projects in the country.
Commenting on the issue British High Commissioner to Bangladesh HE Robert Chatterton Dickson Said, “More than triple increase of over 200 per cent in UKEF’s capacity for Bangladesh is a great opportunity to expand and diversify the UK-Bangladesh trade and economic relationship.
He also said Bangladesh is a success story of economic development with huge potential for further growth as the recovery from COVID gathers pace and new opportunities emerge for greener and more diversified growth. UKEF’s announcement demonstrates UK determination to be a partner in that success.
This additional support will be on top of the UK Government’s support for economic development in Bangladesh through the UK Aid, CDC Group, and share in International Finance Institutions’ investments in Bangladesh, said a spokesperson of the High Commission.
For example, through the Bangladesh Investment Climate Fund, the UK Government supports improvement in business climate and infrastructure, helping business to invest and grow on a sustainable basis in Bangladesh, he added.
The UK’s Business Finance to Poor programme supports the development of an inclusive financial sector, providing low-income households and businesses means to participate and benefit from growth in Bangladesh.