By John Lee.
UK Export Finance (UKEF), the UK's export credit agency, has said it sees "huge opportunity in Iraq".
Speaking at the Iraq Britain Business Council's (IBBC) Spring Conference in London recently, Tim Palmer, Head of Renewables and Transition at UKEF, said:
"As of today, we have about $1.5 billion worth of risk capacity to support projects [in Iraq] in sectors as diverse as water and sewerage, firefighting, and mine clearing, and in a range of other sectors."
UKEF's stated aim is to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer.
Mr Palmer was keen to stress that British companies do not have to be the main contractors on a project to benefit from UKEF support:
"In fact, our largest ever project in Iraq was where a main contract was secured by a US and Turkish joint venture, and there was very significant UK supply into the into that consortium and we facilitated that."
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