UK Export Finance Pledges £4 Billion Boost to Albania Trade
UK Export Finance (UKEF) CEO Tim Reid is urging British businesses to seize a massive export opportunity in Albania. Today, Reid meets Albanian Prime Minister Edi Rama and Finance Minister Delina Ibrahimaj to launch an ambitious £4 billion plan to deepen UK-Albania trade ties.
Big Money, Bigger Ambitions
- The £4 billion target doubles UKEF’s previous risk appetite for Albania, opening doors for UK exporters.
- UK exports to Albania hit £144 million in the year to September 2022 – a £97 million jump.
- The deal could pump at least £800 million into UK businesses by mandating Albanian buyers source from British suppliers under UKEF financing terms.
- The UK and Albania will also team up on sustainable projects across the Western Balkans.
Reid’s Rallying Cry to UK Businesses
“There is significant opportunity here for UK businesses. The volume of trade with Albania is increasing dramatically, showing the huge appetite for British exports. With UKEF support more companies can reap the rewards of exporting.”
“We also welcome the recent launch of the British Chamber of Commerce in Albania. This new organisation will help connect British and Albanian businesses.”
“Our closer relationship with Albania will unlock a new phase of collaboration in sectors such as renewable energy, healthcare, and transport. Last year we celebrated our 100th year of trade relations, and I’m looking forward to strengthening our great exporting relationship.”
Albanian Finance Minister Backs Closer Ties
“Albania has a pipeline of key infrastructure projects that need overseas investment. This agreement to work more closely with the UK should send a signal to British business that Albania has markets ready for your products and UKEF can support you in your export ambitions,” said Finance Minister Delina Ibrahimaj.
Backing UK Businesses Abroad
UKEF’s International Export Finance Executive, based in the Western Balkans, works closely with local buyers and UK exporters to showcase British goods and services. This expert team covers Central and Eastern Europe, ensuring UK firms have access to attractive debt financing options.
UKEF has a strong track record in the region. For example, it supported a £360 million guaranteed loan for a 5G-ready motorway in Serbia. This deal, announced in 2021, is already generating around £125 million in value for the UK economy.
