UK sitting along with 2.5 billion GBP to lend B'desh
The UK's Export Credit Agency, UK Export Financing (UKEF), has recently more than doubled its convenience of Bangladesh to £2.5 billion.
This will boost trade partnerships between the two countries and help unleash Bangladesh's growth potential, said the BritishHigh Commission in Dhaka on Friday, reports UNB.
The additional support will help UK exporters and Bangladeshi buyers access finance for projects in the country.
This will be on top of the UK Government's support for economical development in Bangladesh through the UK Aid, CDC Group, and share in International Finance Organizations' investments in Bangladesh.
For instance, through the Bangladesh Investment Climate Fund, the united kingdom Government supports improvement running a business climate and infrastructure, helping organization to invest and grow on a sustainable basis in Bangladesh.
The UK's Business Financing to Poor programme supports expansion of an inclusive financial sector, providing low-income households and businesses methods to participate and benefit from growth in Bangladesh.
British High Commissioner to Bangladesh Robert Chatterton Dickson has welcomed the UKEF announcement and wider economic and commercial partnerships between the UK and Bangladesh:
He said more than double rise of over 200% in UKEF's capacity for Bangladesh is a good opportunity to expand and diversify the UK-Bangladesh trade and financial relationship.
"Bangladesh is an financial and development success storyline, with huge potential for further progress as the recovery from COVID gathers tempo and new prospects emerge for greener and more diversified expansion. UKEF's announcement demonstrates UK dedication to become a partner for the reason that success."
THE UNITED KINGDOM is Bangladesh's third single major export partner; the import figure stands at £3.3 billion for 2019.
The UK can be the 2nd most significant cumulative investor in Bangladesh with £1.9 billion of investments.
UKEF is UK's export credit agency and a government department, working alongside the Department for International Trade (DIT) as an integral part of its strategy and functions.
UKEF recently completed a comprehensive overview of its Country Restrictions, resulting in increases in over 100 markets including Bangladesh.
