The UK government is proposing to create a GBP1 billion (USD1.3 billion) fund to support British defence and security exports.
The “facility” would be overseen by UK Export Finance, the country’s export credit agency, which gives loans to help foreign countries, especially those with developing economies, buy British goods and services.
The proposed fund is included in the 2020 budget that Chancellor of the Exchequer Rishi Sunak presented to Parliament on 11 March.
The budget also proposes a GBP100 million (USD128 million) increase for defence research and development to “develop capabilities in response to threats facing the UK, including funding for cutting-edge technology in aviation and space propulsion.”
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