BARBADOS ROAD REPAIR DEAL IS STREETS AHEAD

3 Sep 2002 10:15 AM

Barbados gets vital repair equipment in £2.86 million deal with UK exporter

BARBADOS' road network is undergoing much-needed repairs thanks to a UK export deal backed by the Export Credits Guarantee Department (ECGD).

London-based NSG Exports Ltd - a small to medium-sized enterprise (SME) - have successfully brokered a £2.86 million deal with the Barbadian Ministry of Finance to provide the island with a fleet of dumptrucks, road rollers, compressors, bitumen, diesel and water tankers to bring its 980-mile road network up to speed.

The deal was secured with an ECGD export credit guarantee backed by Lloyds TSB Bank Plc and could be completed within weeks.

International Trade Minister Baroness Symons said: "This is an excellent example of the way in which ECGD can work with smaller UK exporters to secure contracts in highly-competitive overseas markets.

"NSG have a good track record in Barbados following a previous ECGD- supported project and I look forward to seeing them further strengthen their reputation for quality work."

The Government of Barbados put out the contract to competitive tender earlier this year and NSG's bid came up trumps. After a series of site visits to the island, their experts were able to put together a tailored package of vehicles and equipment.

K&M Vehicle Services of Bristol, a long-term partner company of NSG, carried out the specialist body building requirements to produce pot hole patching vehicles and cranes. Other UK suppliers included Buckinghams of Kenilworth, Massey Ferguson, Benford, Compair and Bomford Turner.

NSG Spokesman Andrew Wilson said: "This is the second major contract we have received from the Government of Barbados and yet again we have enjoyed the support of ECGD in conjunction with the Structured Export Finance team at Lloyds TSB Bank Plc. We are now actively promoting the advantages of this type of contract to other customers in the Caribbean region."

Notes to Editors:

1. NSG Exports Ltd has been trading in the Caribbean for over 30 years and has a wide range of customers in both the public and private sectors. Under the Organisation of Eastern Caribbean States' Solid Waste Project, recent multi-funded contracts won by NSG Exports Ltd include supplying 17 tracked bulldozers and loaders to six islands in the Eastern Caribbean and refuse collection vehicles and bins to Antigua and Dominica. NSG Exports Ltd is also about to ship two high speed runway sweepers for Grantley Adams International Airport in Barbados. For further details, please contact NSG Exports Ltd's Tony Baynham on Tel: 020 8840 2323.

2. ECGD, the Export Credits Guarantee Department, is the UK's export credit agency. We are a separate Government Department reporting to the Secretary of State for Trade and Industry. We have more than 80 years' experience of working closely with exporters, project sponsors, banks and buyers to help UK exporters of capital equipment and project-related goods and services. We do this by providing:

- Insurance against non-payment to UK exporters, and

- Help in arranging finance packages for buyers of UK goods by guaranteeing bank loans, and

- Overseas Investment Insurance - a facility that gives UK investors up to 15 years' insurance against political risks.

Press Enquiries:

Azara Bibi, ECGD Press Office, Tel: 020 7512 7421
(Out of Hours: 07990 887852)