Press release

Liam Fox announces government support for INCATUK to deliver Angolan agricultural project and develop economy

International Trade Secretary announces UKEF support for US $73 million loan to the Government of Angola to finance an agriculture project by engineering and development specialist.

• From: UK Export Finance and The Rt Hon Liam Fox
• Published: 22 July 2019

This was published under the 2016 to 2019 May Conservative government

The project forms part of the Angolan Government’s efforts to develop the economy and will help reduce the US$1.5 billion the country spends importing food every year.

It will include an array of activities including providing power lines, training farmers, improving roads and rehabilitating farms neglected during the civil war.

International Trade Secretary, Dr Liam Fox MP, said:

This project will have a marked impact on Angola’s future economy and I am delighted UK expertise continues to play a leading role in shaping growth and development around the world. This is an exciting example of how support provided by our award-winning export credit agency UK Export Finance (UKEF) is enabling UK companies meet their true export potential.

Baroness Northover, the Prime Minister’s Trade Envoy for Angola and Zambia, said:

This project will play a key role in Angola’s drive towards economic development and I am delighted that, with support from UKEF, British businesses and expertise are playing a crucial role in the country’s development.

José María Arribas, director of INCATUK Ltd, said:

This project will not only contribute to the development of the cattle livestock sector and its value chain, but will also help to improve the rural development of the Camambatela Planalto region, by providing infrastructures that will benefit all the population. UKEF’s support has been crucial for turning this project into a reality.

Standard Chartered Bank acted as the co-ordinator & structuring bank and MLA for the UKEF and commercial facilities.

Background

1. UK Export Finance is the UK’s export credit agency. It exists to ensure that no viable UK export should fail for want of finance or insurance from the private market. It provides finance and insurance to help exporters win, fulfil and ensure they get paid for export contracts.

2. Sectors in which UKEF has supported exports include: aerospace, construction, oil and gas, mining and metals, petrochemicals, telecommunications, and transport.

3. UKEF has a regional network of export finance managers supporting export businesses.

4. Find the latest information on UKEF’s country cover positions

5. UKEF supports exporters with a range of products that include:

   • Bond insurance policy
   • Bond support scheme
   • Buyer & supplier credit financing facility
   • Direct lending facility
   • Export insurance policy
   • Export refinancing facility
   • Export working capital scheme
   • Letter of credit guarantee scheme

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Published 22 July 2019