World news story
UK Export Finance provides US$1.2bn to support development projects in Peru
UK Export Finance (UKEF) and Corporación Andina de Fomento (CAF) will work together to identify collaborative projects in Peru and the region, focusing on infrastructure, energy, water and sanitation.
UK Export Finance (UKEF), the UK’s export credit agency, has announced that it can provide Peru with at least US$1.2bn in support for UK exports of goods, services and intangibles, supporting projects across all sectors.
It will also provide at least US$200 million to support projects in partnership with the Corporación Andina de Fomento (CAF), the Development Bank of Latin America.
UKEF and CAF will work together to identify projects for collaboration in Latin America, with a particular focus on the infrastructure, energy and water sanitation sectors, where there is an opportunity to source expertise, goods and services from the UK.
The collaboration recognises that Latin America is a priority region for UKEF, and one where there is significant potential for UK exporters.
As the main funding body for large-scale infrastructure projects in South America, CAF spends around $12 billion per year on projects. In 2015, CAF approved funding for Peru reached approximately US$2.4 billion.
Speaking at a conference in Lima, Anwar Choudhury, British Ambassador to Peru, said:
And I am delighted to announce that UK Export Finance is making US$200 million available to support projects in partnership with the CAF. With a particular focus on infrastructure, energy and water sanitation sectors, we are making it easier for Peruvian and UK firms to work together.
Eleonora Silva, Director Representative of CAF in Peru, said:
We are delighted to be announcing this partnership with UK Export Finance, which will see us work with UKEF and UK suppliers to support projects across our 19 shareholder countries. CAF is committed to continuing to build long-term trading ties with the UK, and the support of the UK’s export credit agency will be instrumental.
UKEF is able to provide guarantees for the Peruvian Sol. This means that Peruvian buyers buying from the UK can finance purchases in their own currency. UKEF currently charges the lowest country rates allowed for Peru under OECD rules.
Gabriel Real de Azúa, Communications Manager British Embassy
Tel: (51 1) 617 3008