Last updated: 04 Dec 2023 10:00 Posted in:
A new agreement between UK Export Finance (UKEF) and HSBC India will pave the way for a financing programme to support UK exporters hoping to enter this market, the UK government has said.
The two organisations have signed a Letter of Intent outlining their ambition to establish a financing programme under UKEF’s Standard Buyer Loan Guarantee (SBLG) programme. This would unlock up to £100 million in potential loans, allowing Indian buyers to purchase UK goods and services.
Commenting on the initiative, Stuart Tait, Head of Commercial Banking at HSBC UK, said: “HSBC UK has a strong relationship with UKEF, supporting British exporters to achieve their global ambitions. As one of the world’s leading international banks, we’re uniquely positioned to support the growth of trade and investment between India and the UK.
“We look forward to helping UK businesses tap into more opportunities – using our global network to bridge customers, cultures and economies.”
In its Autumn Statement, the UK government confirmed that it will offer additional support to help SMEs access global markets through UK Export Finance.
Around 7,500 SMEs from the UK export to India, one of the UK’s closest trading partners.