Her Majesty’s Ambassador to Cuba has today announced that UK Export Finance (UKEF), the UK’s export credit agency, can now provide support for trade between Cuba and the UK. UKEF can help Cuban buyers of UK goods and services access attractive financing to support their procurement from the UK.
The move supports British companies and Cuba’s economic development. The Department for International Trade, UK Export Finance and the Government of Cuba are working together to identify trade opportunities, particularly related to renewable energy and tourism infrastructure. A number of UK companies have already expressed an interest in potential projects on the island.
UKEF can consider short-term (less than 2 years) transactions where payments are secured by a non-confirmed Irrevocable Letter of Credit (ILC).
Her Majesty’s Ambassador Antony Stokes said:
This is a significant move, strengthening the growing trade relationship between Cuba and the UK. I am confident it will prove a boost to trade and investment between the 2 countries, and an important opportunity for UK companies.