Ford receives £500 million government loan guarantee
Ford has been given a £500 million loan guarantee by the UK government to help the manufacturer continue its development of electrified powertrains, support its engine exports and increase the level of training for its UK workforce.
The guarantee covers 80 per cent of a £625m loan from commercial banks and has been awarded by the UK’s export credit agency UK Export Finance.
Graham Hoare, chairman, Ford of Britain, said: “Ford’s manufacturing operations are a UK export success story with around 85 per cent of engines and 100 per cent of transmissions built by Ford exported to more than 15 countries on six continents. The value of these exports, including machined engine components, is around £2.5 billion annually.
“This financing will help to maintain Ford as a key UK exporter, and I would like to thank UKEF for its confidence, and Citi who acted as coordinator and facility agent for the £625 million loan facility.”
Liz Truss, MP, Secretary of State for International Trade, said: “This deal firmly puts the UK at the heart of Ford’s plans to grow its export business, reduce emissions and support skilled manufacturing jobs. A thriving automotive industry is vital to the success of the UK economy. It brings prosperity and security to manufacturers across the country. That’s why we are putting its needs at the heart of our strategy to remove barriers to trade when negotiating free trade deals.”