The UK Government's export credit agency, UK Export Finance (UKEF), saw its direct lending facility increase by £5 billion (€5.49 billion), with £2 billion (€2.19 billion) allocated for clean growth projects.
Through its direct lending scheme, UKEF provides overseas buyers of UK goods and services with financing support in the form of long-term, fixed-rate lending.
An additional £2 billion (€2.19 billion) of direct lending has been allocated to support clean growth projects, as global economies move away from fossil fuels to renewable, low-carbon solutions. According to UKEF, the measure will help to finance overseas projects and ensure that UK exporters are well-placed to supply to this "fast-evolving area".
UKEF recently provided £230 million (€252 million) of project finance guarantees for one of the largest offshore wind farms in Asia, and a £47 million (€51.3 million) facility for two solar plants in Spain. The body also unveiled £500,000 (€548,000) of local support for businesses in Scotland and the North of England.
Louis Taylor, UKEF's CEO, said: "Enhancing direct lending and other world-leading support available from UKEF will encourage overseas companies to source from the UK and help exporters across the country succeed abroad. This is a huge increase to our capacity to support UK exports."
It is hoped the additional funding will be used to support a variety of clean growth projects, including bioenergy.