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UK exporters get £1bn credit line for Indian projects UK exporters get £1bn credit line for Indian projects
(about 1 hour later)
The UK's export finance body is to provide a £1bn line of credit for investment in Indian infrastructure, Chancellor George Osborne has said.The UK's export finance body is to provide a £1bn line of credit for investment in Indian infrastructure, Chancellor George Osborne has said.
Indian investors will be able to get loans either directly from, or backed by the UK government, when UK firms have a major role in Indian projects such as building roads and railways.Indian investors will be able to get loans either directly from, or backed by the UK government, when UK firms have a major role in Indian projects such as building roads and railways.
UK Export Finance will also be able to guarantee commercial loans in rupees.UK Export Finance will also be able to guarantee commercial loans in rupees.
Mr Osborne announced the plans during a trip to India to promote trade.Mr Osborne announced the plans during a trip to India to promote trade.
"Frankly, Britain does not export enough," Mr Osborne told the BBC. "It's one of the disappointing features of the British economy. I want us to do much more business with this extraordinary economy here in India, exporting more, [and] trading more.""Frankly, Britain does not export enough," Mr Osborne told the BBC. "It's one of the disappointing features of the British economy. I want us to do much more business with this extraordinary economy here in India, exporting more, [and] trading more."
The £1bn line of credit is in addition to £3bn worth of export finance announced in the Budget.The £1bn line of credit is in addition to £3bn worth of export finance announced in the Budget.
Projects must have a minimum of 20% UK involvement to qualify for loans, according to UK Export Finance rules.
In the past three years the body has supported loans to the value of £200m for Indian projects, with £70m loans made or underwritten this year.