UKEF willing to support Guyanese private sector’s importation of non-oil sector products

Last Updated on Wednesday, 9 September 2026, 22:05 by Written By Denis Chabrol

The United Kingdom Export Finance (UKEF), the official export credit agency of that European country, is ready to finance the export of products to Guyana that are not directly associated with the oil sector, officials said Wednesday.

UKEF’s Business Manager Rhania Mansour told the forum that targeted only the Guyanese private sector that in keeping with the British government’s fossil fuel policy that government financing agency could not support contracts for the oil and gas sector.

The agency’s regional head of business origination for the Americas, George Hames clarified that local companies in the hydrocarbon sector would not be barred from buying products preferably from the UK and other countries with UKEF’s backing. “Whilst, unfortunately, we’re not able to help you necessarily in procuring very specific oil and gas equipment, we’re not looking to penalise companies that are active in the wider Guyanese oil and gas supply chain. That’s a really important distinction for us,” he said. Mr Hames made it clear that UKEF was aware that many local companies that were working in the oil sector would not be subjected to a “purity test” because they are active in that supply chain.

Meanwhile, Finance Minister Dr Ashni Singh was buoyed by the fact that UKEF would support projects with a minimum 20 percent UK content contract value. He said that formula makes UKEF the “most flexible export credit agency that I have encountered across the entire spectrum of export credit agencies”, as most of them them require a significantly larger home country content.

Mr Hames stressed that the 20 percent UK content was aimed at “marrying” the strengths of the UK supply chain with local goods and services and jobs for Guyanese. He hoped that would create downstream opportunities for UK and Guyanese companies. UKEF also supports the importation of products from countries other than the UK, an official said.

UKEF several months ago upgraded the financial window to 3 billion pounds sterling for Guyana’s public and private sectors to take advantage of.

Head of the Commonwealth Caribbean section at UKEF, Judith Huijnen outlined that that credit agency offers  competitive debt financing offers through commercial banks and insurers to fill the gaps where they can’t cover. She said the agency provides working capital solutions for international buyers looking to procure goods in the UK.  Short-term solutions working capital, bond support, export insurance, and longer-term solutions in terms of our buyer credit facility are on offer by UKEF. That agency provides direct lending at fixed rates in priority areas if renewable energy, transport infrastructure, healthcare, agriculture, and airports. She further explained that a UK exporter delivers a signed commercial contract, with a buyer. In turn, the buyer’s bank provides a loan to pay the exporter and UKEF provides an unconditional 100% guarantee of repayment. “The credit risk sits with UKEF. UKEF de-risks a transaction and unlocks financing. There’s no longer a project risk. The risk sits with the government.,” she said. 

UK High Commissioner to Guyana, Joseph Fisher told the workshop that this South American nation is his country’s largest trading partner in the Commonwealth Caribbean, accounting for almost 44 percent of the UK’s total trade with the region. He said trade between the UK and Guyana is today at record levels, with latest figures showing that it is at more than 2.2 billion pounds sterling for the year to the end of quarter one 2026 or a 35 percent increase year-on-year.