ECGD, the UK
export credit agency, today announced that it will be extending
its Fixed Rate Export Finance (FREF) scheme to 31 March 2011.
The scheme has already been extended once, from 31 December 2008
to 31 December 2009, and Minister for Trade, Investment and Small
Business, Lord Davies of Abersoch, said this additional extension
showed the Government continued to listen to the needs of business.
Lord Davies said:
"In the present difficult climate for exporters, ECGD
wants to continue providing British exporters with the real help
they need. For those companies that use FREF, this extension
should be welcome."
During 2010 ECGD will discuss with banks and exporters how to
take forward the decisions set out in the interim response to
ECGD’s 2008 consultation on the future of FREF.
Access to the FREF scheme is subject to its existing budget, of
which £4 million currently remains available for new business.
Notes to editors:
ECGD’s FREF scheme enables UK exporters to offer medium and
long-term finance to their overseas buyers at fixed rates of
interest. The interest rates applicable to the FREF scheme are
subject to international arrangements, established through the
OECD, and are adopted by all major export credit agencies.
ECGD, the Export Credits Guarantee Department, is the UK export
credit agency. ECGD works with exporters, project sponsors, banks
and buyers to help UK exporters to trade with confidence, by
providing insurance against non-payment risks and guarantees for
bank loans to buyers of UK goods. It also provides insurance
against political risks to UK investors in overseas markets.
For more details contact Steve Roberts-Mee on 020 7512 7319 or
Phone: For enquiries please contact the above department
Phone: Tel: 020 7512 7319
Mobile: 07990 887852