British Airways secures another £1bn UKEF-backed facility

(CH-Aviation, Stansstad, 2 November 2021) British Airways has reached an agreement with UK Export Finance (UKEF) and a syndicate of banks for a five-year Export Development Guarantee committed Credit Facility (UKEF Facility) of GBP1.0 billion pounds (USD1.37 billion). According to parent firm IAG International Airlines Group, this is in addition to a GBP2.0 billion (USD2.74 billion) UKEF guaranteed facility that was announced in December 2020 and drawn in March 2021. IAG, which aside from British Airways also owns Iberia, Vueling Airlines, Aer Lingus, and LEVEL, said that as of the end of September, its total cash pile stood at a "strong" EUR10.6 billion euro (USD12.26 billion).