GE receives UK Export Finance support

Eleanor Steed
By Eleanor Steed June 21, 2017 11:48

GE receives UK Export Finance support

The UK Department for International Trade has helped GE Aviation win a multi-million dollar contract by guaranteeing a loan through the government’s export credit agency, UK Export Finance (UKEF).

Worth $18.7 million, the contract sees GE upgrade engines for cargo and charter airline Atlas Air.  With the work carried out in GE’s Prestwick workshop in Scotland they will supply and install energy efficient Performance Improvement Program (PIP) kits to three engines in the Atlas Air fleet.

This initial contract has led to a second multi-million dollar agreement for UKEF to finance upgrades of three more engines in coming months.

The announcement comes as International Trade Minister, Mark Garnier, attends the Paris Air Show where the Department for International Trade is exhibiting.

International Trade Minister, Mark Garnier, said: “Our civil aerospace industry is world leading and the Department for International Trade is committed to doing all it can to boost exports and support UK businesses in this sector – including through UKEF where this deal will help do just that, as well as protecting jobs in Scotland.

UKEF, Atlas Air and GE may extend the programme, which could see further support worth millions of dollars for the future supply and installation of PIP kits to 33 more of Atlas Air’s engines over a the next four years.

Last year (2016) the UK aerospace industry generated revenues of £32 billion with £28 billion of production exported. Highlighting the strengths of this important sector, the Department for International Trade’s investment showcase will be in the design of an aircraft cabin.

There will be eight windows highlighting some of the international aerospace businesses located in the UK including Boeing, Thales, Airbus, Bombardier, Rolls-Royce and GE Aviation.

Eleanor Steed
By Eleanor Steed June 21, 2017 11:48