1. Foreword by the Director General

Last year has been one of the big challenges, but UKEF has helped UK businesses weather the storm, with a record year in favor of our exporters. The economic fallout from COVID-19 has been particularly difficult for small businesses, which is why we have launched new products and expanded existing ones to keep them working.

I am proud that we have continued to support sustainable exports this year and that we have expanded our network of internationally based regional chefs in key markets across the world focused on unlocking UK green exports. We help UK exporters access these opportunities through our innovative Supplier Fair program and by leveraging the expertise of our Export Finance Officers.

By supporting exporters of all sizes, we are helping to make our economy stronger, greener and fairer.

Louis Taylor, Chairman and CEO

2. Company highlights

In 2020 to 2021:

• we have provided £ 12.3bn to support UK exports – helping UK exporters sell through the pandemic
• we directly supported 549 companies in 2020-2021 – supporting 107,000 jobs in the UK
• we ranked second in the world for sustainable deals backed (by TXF trade finance publication) – £ 2.4bn in 2020
• we have increased our ability to support exports to over 100 overseas markets, helping UK businesses take advantage of our trade agreements
• 31% of our staff identify as belonging to ethnic minorities, making us the most ethnically diverse department in government
• we launched our General Export Mechanism and Export Development Guarantee, which makes our support more flexible for businesses of all sizes

3. About UK Export Finance

We are the UK’s export credit agency and government service, with over 100 years of experience helping UK businesses export.

Our mission is to ensure that no viable UK export fails for lack of funding or insurance. All of our support is provided on commercial terms to protect the taxpayer against loss and to help with our administrative costs.

We exist to complement and not compete with the private sector. We have an award-winning line of products proven to help find the right solution for exporters:

3.1 Buyer’s financing

Win contracts

Offer attractive financing terms to foreign buyers of UK goods and services to help exporters make their offer more competitive.

3.2 Exporter guarantees

Execute commands

Help businesses access the support they need to fulfill a contract, giving them the confidence to take on more contracts and increase revenue.

3.3 Insurance

Get paid

Help businesses manage risk in tough markets, ensuring they get paid even when the private market is unable to offer insurance.

4. Increase exports across the UK

4.1 Support for businesses of all sizes

UKEF’s support for businesses of all sizes over the past year is estimated to have supported up to 107,000 jobs in the UK. Of the 549 companies we supported, 79% were SMEs, helping the entire exporting community to better recover from COVID-19.

Since the pandemic, we have stepped up demand for short-term trade finance assistance, especially from SMEs. Export insurance claims nearly tripled in 2020-2021, and many UK SMEs have benefited from UKEF support for the first time.

We offer a range of trade finance products to help SMEs fulfill their export contracts and have a network of experienced export finance officers based in every region of the UK to help companies increase sales. international.

Lagan Group – Belfast

With UKEF support for an industrial park in Uganda, Belfast-based Lagan Group has completed a series of projects, including upgrading roads, water supply and IT.

Costatto – Bolton

Award-winning manufacturer Cosatto secured its first export to Australia in 15 years, shipping £ 130,000 of its bespoke baby products, with support from UKEF.

Simworx – Kingswinford

Technology company Simworx was the first to benefit from our new general export facility, supporting jobs in the West Midlands, allowing them to continue growing in the Asia Pacific region.

Siderise – Maesteg

South Wales-based insulation company Siderise was able to get paid for its £ 1.5million contract in the United Arab Emirates thanks to UKEF’s export insurance policy.

PCT Group – Glasgow

PCT Group has been awarded a multi-million pound contract to supply cranes for the new Neart na Gaoithe offshore wind farm in Scotland, as part of UKEF’s bond support program.

Nissan France – Sunderland

Nissan has qualified for a UKEF guarantee of £ 480million as a major UK exporter, with 80% of the vehicles it builds in the UK shipped overseas. Nissan contributes 20% of North East manufacturing revenue and the company sources 44% of products from UK suppliers, primarily in the North East.

Parkol Marine Engineering – Whitby

Family boatbuilder Parkol Marine Engineering was able to fulfill its very first export contract, selling a £ 3million fishing trawler to Ireland, thanks to a guarantee from UKEF.

British Airways – London

British Airways is one of the UK’s largest airlines and its only central carrier. BA has received a £ 2 billion guarantee that has helped the company weather the drop in demand for air travel linked to the pandemic in 2021 and protect jobs.

5. Support sustainable projects

As we envision a future beyond the pandemic, we will use our new independent trade policy to rebuild greener. UKEF is ready to support companies in their green transition. We already rank second in the world for sustainable exports and are at the heart of the government’s new North Sea Transition Agreement with the oil and gas sector.

We have £ 2bn in direct loans dedicated to supporting clean growth projects and deploying our Export Development Guarantee to help businesses invest in their fossil fuel transition.

Public transport in Egypt

As part of our largest civil infrastructure contract, UKEF provided £ 1.7 billion for two new monorail lines in Cairo. We have made sure they will work with rolling stock built in Derbyshire. The project will remove significant road traffic from a heavily polluted city and support hundreds of jobs in the UK.

Drinking water in Ghana

A £ 27million direct loan to the Ghanaian government will help Aqua Africa provide safe drinking water to 225,000 people across the country. Aqua Africa will use solar technology to provide 5 liters of water per day for less than a quarter of a dime.

Offshore wind in Taiwan

UKEF has provided £ 500million in funding for three offshore wind projects in Taiwan since late 2019, creating business opportunities for UK renewable energy companies. This includes the Greater Changhua 1 offshore wind farm which will power more than 650,000 homes.

5.1 Expand our international network

We have also expanded our network of internationally based regional managers, firmly focused on unlocking UK green exports. This global network allows us to stay connected to overseas markets, finance major projects and create export opportunities for UK companies.

The international network is establishing its presence globally and has developed a pipeline of almost £ 10 billion of export opportunities for UK suppliers around the world, which will materialize over time, with high concentrations in Africa, the Middle East and Asia-Pacific.

Pipeline of future UKEF transactions by geographic region

Region	Percent (%)
Africa	32
Asia Pacific	20
Middle East	17
Emerging Europe and Central Asia	16
Americas	8
Western Europe	7