GovWire

UK Export Finance to support Northern Ireland aerospace exports

UK Export Finance

July 14
14:14 2014

UK Export Finance (UKEF), the UKs export credit agency, will participate in a programme of support for the new Bombardier CSeries aircraft. It will provide guarantees to its Canadian equivalent, Export Development Canada (EDC), to reflect the UK-manufactured content.

The wings of the aircraft are being manufactured at Bombardiers plant in Belfast, supporting up to 800 jobs directly and supporting a further 2000 jobs in the supply chain. UKEF will provide guarantees to EDC for around 20% of the value of loans extended by EDC to overseas buyers of the aircraft, reflecting the UK-manufactured proportion.

Bombardier and EDC announced the export credit support at the Farnborough Air Show on 14 July. Bombardiers investment in the UK, which has included a complex research and development programme, as well as the construction of a new factory, is one of the largest ever single inward investments in Northern Ireland. There are 495 orders and commitments for the aircraft, which successfully completed its first flight in 2013. First deliveries are expected in 2015.

UKEF has a long history of providing support to the UK aerospace sector. Its support for Bombardier aircraft will join its ongoing support for exports of Airbus aircraft and Rolls-Royce engines. Through its support for UK aerospace exports, UKEF is helping to increase the UKs exports and make the UK more competitive. Its support is provided in line with the terms of the OECD Aircraft Sector Understanding (ASU), which ensures a level playing field for such official support among signatory nations.

Media enquiries: Kristian Hibberd, Head of Communications

General enquiries

Related Articles

Comments

  1. We don't have any comments for this article yet. Why not join in and start a discussion.

Write a Comment

Your name:
Your email:
Comments:

Post my comment

Recent Comments

Follow Us on Twitter

Share This


Enjoyed this? Why not share it with others if you've found it useful by using one of the tools below: