UK increases Ethiopia export finance to £200 million
Theresa May, UK PM |
The UK has doubled the amount of
export finance it is making available to support UK-Ethiopia bilateral trade,
the British International Trade Secretary, Dr Liam Fox has announced.
Fox made the announcement during
a visit to Addis Ababa, where he was accompanied by UK businesses from the
infrastructure and energy sectors.
Trade between the UK and Ethiopia
is growing and was worth 15.4 billion ETB (£439 million) in 2015. While in
Ethiopia, Fox announced that the UK’s export finance available to Ethiopia has
increased to 7 billion ETB (£200 million). This means an additional 3.5 billion
ETB is available in support - including insurance and lending - for UK
companies exporting to Ethiopia and for Ethiopian buyers of UK goods and
services.
Earlier in the year the UK
announced that after it leaves the European Union, Ethiopian companies will
enjoy duty-free access to the British market for all sectors except arms, a
commitment that will give businesses confidence and certainty for their trade
and investment decisions.
During the visit, Fox also
visited Ethiopian Airlines, the largest buyer of UK technology, including a
recent deal to purchase state of the art Rolls Royce engines for Ethiopian’s
new long-haul fleet. And he opened Pittards’ new shoe factory where he saw how
an innovative British company has grown rapidly to now employ 1500 Ethiopians.
He also held consultations with
Prime Minister Hailemariam Dessalegn and other ministers on how to further
support the long-term foundations for greater trade, including the UK’s
concerns at recent unrest and the importance of stability to maintain and attract
investment.
“We are sharing expertise and
strengthening existing relationships with Ethiopia and the wider region to
create the UK’s trading partners of the future. This will produce local
economic growth and jobs and also bring benefits back to the UK,” he said.
“Trade and investment between the
UK and Ethiopia is worth more than 15 billion birr and as an international
economic department we’ll continue to provide support for UK companies to
invest in the country, opening up markets and strengthening trade links,” he
concluded.
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