Guyana encouraged to utilize £3 billion UK Export Finance facility

Guyanese Finance Minister Dr. Ashni Singh has encouraged local businesses to utilize a £3 billion financing support facility provided by UK Export Finance (UKEF). During a private sector workshop in Georgetown, Dr. Singh noted that while there has been a surge in credit demand due to Guyana’s economic growth since 2020, only a small fraction of the available UK-backed funding has been utilized.

UKEF officials clarified that the financing is intended for the non-oil sector, aligning with British government fossil fuel policies. While the agency cannot directly finance contracts specifically for the oil and gas sector, George Hames, UKEF’s regional head of business origination for the Americas, stated that companies active in the wider oil and gas supply chain are not barred from using the support to procure products.

The financing requires a minimum of 20 percent UK content contract value, a threshold Dr. Singh described as highly flexible compared to other export credit agencies. Priority sectors for this support include renewable energy, transport infrastructure, healthcare, and agriculture.