The UK government has instructed UK Export Finance to increase the market limit for Ukraine from £3.5 billion to £6.5 billion.
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The first letter is from UK Export Finance’s (UKEF) Chief Executive and Accounting Officer to the Secretary of State for Business, Innovation, Science and Trade. It sets out that UKEF is close to capacity against its existing £3.5bn limit and the Accounting Officer has been asked by the Secretary of State for Business, Innovation, Science and Trade to consider an increase of £3bn taking UKEF’s Ukraine country risk limit to £6.5bn. This letter sets out an assessment of that ask.
The second letter is from the Secretary of State for Business, Innovation, Science and Trade to the UKEF Chief Executive and Accounting Officer. It sets out that it is in the national interest for UKEF to remain on cover for Ukraine and to increase its capacity limit from £3.5 billion to £6.5 billion.