The Chief Executive of UK Export Finance UKEF Tim Reid meets with Albanian Prime Minster, Edi Rama and Finance Minister, Delina Ibrahimaj, to cement their 4bn ambition for a closer UK-Albania export relationship.
This 4 billion mark is a doubling of market risk appetite for UKEF support for Albania and shows the huge opportunity available for UK exporters.
The UK's exports to Albania reached 144 million in the 12 months to September 2022, an increase of 97 million in current prices on the previous year. The visit will be a way to build on this growing trade relationship and result in an agreement to work more closely.
Tim Reid, CEO of UK Export Finance, said there was a lot of opportunity for UK businesses. The volume of trade with Albania is increasing, showing the huge appetite for British exports. With UKEF support, more companies can reap the rewards of exporting.
We also welcome the recent launch of the British Chamber of Commerce in Albania. This new organisation will help connect British and Albanian businesses.
Our closer relationship with Albania will lead to a new phase of collaboration in sectors such as renewable energy, healthcare, and transport. I look forward to continuing our work with Albania and strengthening our great exporting relationship last year as we celebrated our 100th year of trade relations. Deals made between the two countries would help grow the UK economy, support job creation and help deliver the government s wider levelling up agenda. A 4 billion ambition would mean a minimum 800 m value for British businesses. Under the conditions of UKEF's finance, Albanian buyers would have to source from the UK supply chain.
Albania has a pipeline of key infrastructure projects that need overseas investment, according to Delina Ibrahimaj, Albanian Finance Minister. This agreement to work more closely with the UK should send a signal to British business that Albania has markets ready for your products and that the UKEF can support you in your export ambitions. The UKEF has an International Export Finance Executive based in the Western Balkans who works with other government teams in these countries as well as covering Central and Eastern Europe. The IEFE works closely with the overseas buyers to showcase the UK supply chain. They are all over the world to discuss financing options available from the UKEF to support the exports of UK goods and services.
An example of UKEF support in the eastern European region includes a 360 million guaranteed loan for the construction of a 5 G-ready motorway in Serbia. The UKEF support for the motorway project, announced in October 2021, is creating a value of approximately 125 m for the UK economy.