On Dec. 13, UK GVT issued rules on export, investment guarantees.
UK GVT issued the following three rules relating to export and investment guarantees.
Export and investment guarantees (limit on exports and insurance commitments) order 2024 (StIn 2024/1297) plus explanatory memorandum; Export and investment guarantees (limit on exports and insurance commitments) (no. 2) order 2024 (StIn 2024/1298) and explanatory memorandum; Export and investment guarantees (limit on exports and insurance commitments) (no. 3) order 2024 (StIn 2024/1299) and explanatory memorandum all in force on Dec. 26, 2024 21 days after being made.
Overview
The Export and Investment Guarantees Act 1991 (EIGA 1991 (UK)) imposes an aggregate limit on commitments made by the Secretary of State under arrangements made pursuant to the EIGA 1991 (UK) relating to exports and insurance.
The limit currently stands at 67,700 million special drawing rights; special drawing rights are supplementary international reserve assets defined and maintained by IMF.
These three instruments increase that limit by 5,000 million special drawing rights.
The effect of the instruments taken together increase the 2 CO/EM/2024.1 aggregate limit on the commitments referred to above to 82,700 million special drawing rights.
This will enable the Secretary of State, acting through UK Export Finance, to continue to support UK exports and to continue delivering wider government priorities.
