‘This will boost trade partnerships between the two countries and help unleash Bangladesh’s growth potential’
In a bid to boost trade partnership, the UK Export Finance (UKEF) has recently more than tripled its capacity for Bangladesh to £2.5 billion.
The UKEF, the UK’s export credit agency and a government department, is working alongside the Department for International Trade (DIT) as an integral part of its strategy and operations.
“This will boost trade partnership between the two countries and help unleash Bangladesh’s growth potential. The additional support will help UK exporters and Bangladeshi buyers to get access to finance for projects in the country,” said the British High Commission in Dhaka in a statement.
This will be on top of the UK government’s support for economic development in Bangladesh through the UK Aid, CDC Group, and share in International Finance Institutions’ (IFI) investments in Bangladesh, it added.
“More than a triple increase of over 200% in UKEF’s capacity for Bangladesh is a great opportunity to expand and diversify the UK-Bangladesh trade and economic relationship,” said the British High Commissioner to Bangladesh Robert Chatterton Dickson.
Bangladesh is an economic and development success story, with huge potential for further growth as the recovery from Covid-19 gathers pace and new opportunities emerge for greener and more diversified growth, said Robert.
The UKEF’s announcement demonstrates Britain’s determination to be a partner in that success, he added.
For example, through the Bangladesh Investment Climate Fund, the UK government supports improvement in business climate and infrastructure, helping businesses to invest and grow on a sustainable basis in Bangladesh.
The UK’s Business Finance to Poor program supports development of an inclusive financial sector, providing low-income households and businesses means to participate and benefit from the growth in Bangladesh.
The UK is Bangladesh’s third single largest export partner; the import figure stood at £3.3 billion for 2019. The UK is also the second largest cumulative investor in Bangladesh with £1.9 billion of investments.
The UKEF recently completed a comprehensive review of its Country Limits, resulting in increases in over 100 markets including Bangladesh.