The UK’s export credit agency has entered into a partnership agreement with its Indonesia counterpart that aims to boost international contracts for UK and Indonesian businesses.
Signed in Jakarta, the memorandum of understanding between UK Export Finance (UKEF) and Indonesia Eximbank provides a strategic framework for joint financing and collaboration on new projects around the world, with a focus on clean energy, healthcare, water, education and transport in Africa and the Indo-Pacific.
Last year, UKEF allocated almost £1.7bn in new financing to these regions, enabling overseas buyers to deliver projects using UK suppliers.
Speaking at the signing of the agreement, UKEF CEO Tim Reid said: “In recent years, UK Export Finance has supported more business in Asia Pacific than ever. Today’s agreement opens another exciting new chapter in UK-Indonesia economic cooperation. Working together, we can exchange best practice, look for new opportunities and grow bilateral trade.”
In 2018, UKEF chose Indonesia as its first-ever overseas presence with the appointment of a locally based country head. The export credit agency says it has over £3bn in financing available to support Indonesian buyers of UK goods and services.