Britain’s export finance agency has signalled up to £2 billion in potential financing for projects in Bangladesh involving UK goods and services, as London seeks to deepen trade and investment ties with the South Asian economy.
UK Export Finance (UKEF), the UK Government’s export credit agency, is exploring opportunities to support major projects in Bangladesh as part of a three-day visit by a senior delegation.
The agency says its available country capacity for eligible Bangladeshi buyers is between £1 billion and £2 billion, potentially providing access to competitive, long-term financing for projects involving British suppliers.
Priority areas include transport and logistics, airports and aviation, healthcare, agriculture and agro-processing, manufacturing, renewable energy and climate-resilient infrastructure.
The UKEF delegation met representatives of the International Chamber of Commerce Bangladesh (ICC Bangladesh) on Thursday, 3 September, to discuss potential projects and ways of mobilising UK-backed finance.
ICC Bangladesh president Mahbubur Rahman welcomed the delegation and pointed to Bangladesh’s expanding infrastructure requirements and private sector as areas where British investment, technology and financing could play a greater role.
He called for closer cooperation between ICC Bangladesh, UKEF, the UK Department for Business and Trade and British companies to develop a pipeline of viable projects capable of benefiting from UK expertise and finance.
The discussions also examined how UKEF facilities could help meet funding requirements for large-scale development and private-sector projects while encouraging greater trade and investment between the two countries.
“The UK and Bangladesh have an important and long-standing economic relationship,” said Mark Birrell, UK Trade Counsellor for South Asia.
“This visit will allow us to hear directly from government and business leaders and explore where UK companies, expertise and finance can support innovation, growth and development.”
UKEF provides guarantees, loans and insurance aimed at helping overseas buyers secure financing for projects that include UK goods and services. Its support can be offered in more than 60 local currencies.
Its financing instruments include the Buyer Credit Facility, Standard Buyer Loan Guarantee, Direct Lending Facility and Early Project Services Guarantee.
The delegation is also due to hold discussions with government officials, banks and business leaders during its visit, including meetings with Standard Chartered Bangladesh and HSBC on potential financing opportunities.
The visit comes as Bangladesh continues to require substantial investment in infrastructure, energy, transport and industrial capacity, while British companies seek opportunities in overseas markets.
The UKEF delegation comprises Mark Birrell; Sandeep Kudtarkar, UKEF Country Head for India, Bangladesh and Nepal; and Rohini Aggarwal, Head of Trade Policy for South Asia. The delegation is in Bangladesh from 2 to 4 September.
The ICC Bangladesh meeting was attended by senior representatives from the country’s business community, including ICCB vice-president Naser Ezaz Bijoy; FBCCI administrator Md Fazlul Hoque; BCI president Anwar-Ul-Alam Chowdhury (Parvez); CCCI president Mohammed Amirul Haque; BTMA president Showkat Aziz Russell; BAPI vice-president Syed S Kaiser Kabir; ICCB secretary general Ataur Rahman; general manager Ajay Bihari Saha; and deputy general manager Syeda Shahnewaz Lotika.