The Executive Director of the British Export Development Authority, Louis Taylor, confirmed the readiness of the Authority to provide a variety of financial support to applicants for British products and services, from external suppliers and Saudis in particular, within easy conditions and additional features.
This came during the meeting that was held on Tuesday 1 May 2018 in Asharqia Chamber, which was attended by the Chairman of the Chamber, Abdul Hakim Al-Ammar Al-Khalidi, the Vice-President of the Council, Badr Al-Rizayza, the Council Member, Badr Al-Abdulkarim, and the Secretary-General, Abdulrahman Al-Wabel.
Taylor said that the Authority was founded in 1919 as the world's first export credit agency. It is the operational name of ECGD, the British Export Credit Agency, and the Government Department of the United Kingdom. The Authority has provided £ 3 billion in support to 221 companies during the financial year 2016/2017.
Taylor explained that the Authority is keen on the success of all exports from the United Kingdom, and not be delayed or stumbled because of lack of funding or insurance and anything like that.
He added that the UK has the expertise and financing ability to support buyers and also supports Saudi projects in line with Saudi Arabia's 2030 vision, which he described as "one of the most ambitious plans that has entered a new phase of economic development in Saudi Arabia."
The British official said that the authority provides a guarantee to the bank, which provides a loan to the external buyer, so that the buyers can buy goods and services capital from the United Kingdom, and can be obtained loans in major trading currencies in addition to some local currencies.
He stated that the Authority guaranteed its export insurance policy against the risks of non-payment under an export contract or the inability to recover the costs of executing that contract because of certain events that prevented its performance or led to its termination. It also offers loans of up to £ 3 billion in total to its overseas lenders.
He pointed out that the Authority has active participation in a large number of Saudi projects in the fields of oil, gas, petrochemicals, and renewable energy.
He added that the Authority provides financing in the form of long-term loans (up to 18 years), amounting to 85% of the total value of the contract, with at least 20% British content.
Taylor said the Authority, for example, provided a $ 870 million loan to Saudi Arabia's SADARA Petrochemical Company.
