March 10, 2020 / 11:09 AM / a month ago

Finance ministry bumps up export finance firepower

FILE PHOTO: Chancellor of the Exchequer Rishi Sunak appears on BBC TV's The Andrew Marr Show in London, Britain, March 8, 2020. Jeff Overs/BBC/Handout via REUTERS

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

Reporting by Andy Bruce, editing by David Milliken

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