- Tim Reid, CEO of UK Export Finance, Albanian Prime Minister and Finance Minister will today outline their £4 billion ambition for a closer export relationship.
- This could bring a minimum value of £800 million to businesses across the UK.
- Tim Reid will issue a ‘call to action’ for UK businesses to export to Albania using attractive UKEF terms to help them raise debt funds
- Both countries agree to be partners in economic development and sustainable projects in Albania and the wider Western Balkans.
UK Export Finance (UKEF) Chief Executive Tim Reid meets today with Albanian Prime Minister Edi Rama and Finance Minister Delina Ibrahimaj to consolidate their £4bn ambition for a closer export relationship between the UK and Albania. This £4 billion represents a doubling of the previously published market risk appetite for UKEF support for Albania and signals the huge opportunity for UK exporters.
Total UK exports to Albania reached £144 million in the 12 months to September 2022, an increase of £97 million at current prices on the previous year. The visit will build on these growing business relationships and result in an agreement to work more closely.
Tim Reid, CEO of UK Export Finance, will say:
There are significant opportunities here for UK businesses. The volume of trade with Albania is increasing significantly, showing the huge appetite for British exports. With UKEF’s support, more businesses can reap the benefits of exporting.
We also welcome the recent launch of the British Chamber of Commerce in Albania. This new organization will help connect British and Albanian businesses.
Our closer relationship with Albania will open a new phase of collaboration in sectors such as renewable energy, health and transport. Last year we celebrated our 100th anniversary of trade relations. I look forward to continuing our work with Albania and strengthening our excellent export relationship.
Agreements between the two countries would help grow the UK economy, create jobs and deliver the government’s wider leveling up agenda. An ambition of £4 billion would mean a minimum value of £800 million to UK businesses. In effect, Albanian buyers would be required to source from the UK supply chain under UKEF funding conditions.
Delina Ibrahimaj, Albanian Minister of Finance, will say:
Albania has a portfolio of key infrastructure projects that require foreign investment. This agreement to work more closely with the UK should send a signal to UK businesses that Albania has ready markets for your products and that UKEF can support your export ambitions.
UKEF has a Responsible for international export financing based in the Western Balkans which works alongside other government teams in these countries and covers Central and Eastern Europe. IEFE works closely with overseas buyers to showcase the UK supply chain. They are present around the world to discuss financing options available from UKEF to support exports of British goods and/or services.
An example of Support from UKEF in the Eastern European region includes a £360 million secured loan for the construction of a 5G-enabled highway in Serbia. UKEF’s support for this motorway project, announced in October 2021, creates around £125 million of value for the UK economy.
