ECGD, the UK export credit agency, today announced that its fixed-rate export
finance (FREF) scheme will close on 31 March 2011 at the latest.
The decision to close the scheme follows a public consultation. The final Government response to that consultation was posted on ECGD’s website today.
The scheme will close on 31 March 2011, unless its budget is used up before that date.
The closure decision is consistent with the Government’s long-standing aim of abolishing the scheme. The current scheme has been little used, and its closure should have minimal impact on UK exporter competitiveness.
Notes to editors
1. The final response to the consultation on FREF can be downloaded in PDF format athttp://www.ecgd.gov.uk/index/publications.htm.
2. ECGD (www.ecgd.gov.uk), the Export Credits Guarantee Department, is the UK's export credit agency. ECGD works with exporters, project sponsors, banks and buyers to help UK exporters of capital equipment and project-related goods
and services, by providing insurance against non-payment risks to UK exporters and guarantees for bank loans to facilitate the arranging of finance to buyers of UK goods. It also provides insurance against political risks to UK investors in overseas
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