UK Export Finance (UKEF), the United Kingdom’s export credit agency, has unveiled the Early Project Services Guarantee (EPSG), a new product designed to help British engineering, design, and technical services firms secure internationational contracts.

The EPSG allows overseas buyers who engage UK firms in the planning phase of their projects to access private finance, with UKEF guaranteeing payments to lenders, the agency said in a press statement.

It noted that EPSG addresses gaps in market provision for financing the preparatory stages of major projects. 

Once the project services contract is complete, there is potential for the guaranteed loan to be refinanced alongside financing the wider construction project, incentivising overseas buyers to select UK services firms, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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