The UK has announced it has doubled its export credit for Uganda-destined British companies from £300m to £600m, as it embarks on a mission to restore trade relations with former colonies in the face of Brexit and its departure from the European Union.
The new finance support will be made available through the government’s export credit agency UK Export Finance (UKEF).
In a recent visit to Uganda, UK trade envoy, Dolar Popat, said the facilities will support Ugandan infrastructure projects by offering long-term finance from the UK government for UK expertise, goods and services.
Popat met with Ugandan trade minister Amelia Kyambadde to discuss ways of improving the trade between the two countries, which is reported to have fallen in recent years.
Top UK exports to Uganda include road vehicles, power generating machinery, medicinal and pharmaceutical products and general industrial machinery.
Uganda’s primary exports are agricultural products including edible vegetables, coffee, tea and flowers.
In March, commonwealth trade ministers agreed to deepen economic ties and trade integration with former colonies by harmonising regulations to a “transparent free and fair multilateral trading system”.
“This will support the target of increasing intra-Commonwealth trade to US$1tn by 2020,” says the Commonwealth Enterprise and Investment Council.