Dhaka: UK Export Finance (UKEF) has earmarked up to £2 billion in financing to support Bangladeshi buyers in undertaking projects that involve British goods and services across various development sectors. This strategic initiative aims to bolster the economic collaboration between the two nations by facilitating access to competitive financing for significant projects.
According to United News of Bangladesh, UKEF is actively engaging with government officials, financial institutions, and business leaders in Bangladesh to explore financing opportunities and pinpoint potential projects where British expertise, technology, and funding can significantly contribute to the country's development goals. The UK government's export credit agency is poised to provide support for projects in sectors such as transport, agriculture, healthcare, airports, manufacturing, renewable energy, and infrastructure.
A recent meeting was held between a UKEF delegation and the International Chamber of Commerce Bangladesh (ICCB) at the ICCB Secretariat. The discussion focused on potential cooperation areas and opportunities to mobilize UK-backed financing for projects in Bangladesh. ICCB President Mahbubur Rahman emphasized the robust economic and commercial ties between the two countries and the significant opportunities for increased UK investment and long-term financing in Bangladesh's expanding private sector.
Rahman identified several priority sectors, including renewable energy, transport and logistics, airports and aviation, healthcare, agriculture, agro-processing, and climate-resilient infrastructure, where UKEF support could be pivotal. He expressed interest in collaborating closely with UKEF, the UK Department for Business and Trade, and British businesses to identify viable projects that could benefit from UK expertise and financing.
During the meeting, the UKEF delegation informed ICCB members about the various financing facilities available for eligible projects involving UK goods and services. The discussions highlighted how UKEF financing could meet funding requirements for major development and private-sector projects while promoting greater trade, investment, and business cooperation between Bangladesh and the UK.
Mark Birrell, UK Trade Counsellor for South Asia, remarked on the longstanding economic relationship between the UK and Bangladesh, stating that the visit allows direct engagement with government and business leaders to explore how UK companies, expertise, and finance can support innovation, growth, and development.
UKEF offers a range of financial products, including guarantees, loans, and insurance, to unlock competitive financing for projects involving UK suppliers. Its support can be extended in over 60 local currencies and includes long-term financing instruments.
The UKEF delegation's visit to Bangladesh, scheduled from September 2 to 4, also includes meetings with government representatives, banks, and private-sector leaders, such as Standard Chartered Bangladesh and HSBC, to further discuss how UKEF financing can meet funding needs and enhance trade and investment between the two countries. The delegation includes Mark Birrell, Sandeep Kudtarkar, UKEF Country Head for India, Bangladesh, and Nepal, and Rohini Aggarwal, Head of Trade Policy for South Asia.
The ICCB meeting was attended by various notable figures, including ICCB Vice President Naser Ezaz Bijoy, FBCCI Administrator Md Fazlul Hoque, and other industry leaders, highlighting the significance of this collaborative initiative.