UKEF concerned over ‘largely unused’ export credit facility

(The NEWS, Islamabad, 11 December 2020) The UK on Thursday asked Pakistan to expedite utilisation of 1.5 billion pounds of annual UKEF credit line by facilitating UK businesses investing in and exporting to the South Asian economy. British High Commissioner to Pakistan Christian Turner said £1.5 billion of credit line for export credit facility remains largely unused. “British companies are keen to invest in [sic - invest in, not "sell to"] the energy sector of Pakistan especially in off-grid solutions and distribution, generation system,” Turner said. The UK credit financing for Pakistan has tripled in the last two years. In September, UK Export Finance, a state-owned credit financing agency, increased its annual funding limit to £1.5 billion from £1 billion earlier for British businesses to promote trade with and investment in Pakistan.