March 10, 2020 / 10:51 AM / a month ago

UK finance ministry bumps up export finance firepower

LONDON, March 10 (Reuters) - Britain’s government said on Tuesday it planned to raise the lending power behind its export finance agency to 8 billion pounds ($10.4 billion) from 3 billion pounds.

Two billion pounds of the increase will be offered for exports that promote “green growth” and 1 billion pounds is earmarked for the defence industry, the finance ministry said ahead of its budget announcement on Wednesday.

“This package - which is the highest level of export lending the government has ever made available - will provide support to industries and regions across the country,” finance minister Rishi Sunak said in a statement. ($1 = 0.7668 pounds) (Reporting by Andy Bruce, editing by David Milliken)

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