UK Export Finance (UKEF) has effectively facilitated a £4.5 million export contract for Severfield, a structural steel firm based in York, in a major overseas infrastructure project in Guyana. This significant accomplishment has unveiled new trading opportunities for UK suppliers and has contributed to over £1.3 billion in new contracts being secured since 2020, thanks to UKEF’s support for overseas infrastructure projects.
Severfield, with its headquarters in York and manufacturing sites across the UK and mainland Europe, has been able to secure new supply contracts after UKEF’s support for a Guyanese hospital build in 2021. The company has been a key player in various sectors such as infrastructure, transport, and commercial, having worked on prominent projects including Tottenham Hotspur Stadium, 22 Bishopsgate, and The Shard, London’s tallest building.
The support provided by UKEF for the Guyanese hospital project ensured the involvement of UK suppliers, leading to the significant export contract for Severfield. Following this, the company has shipped 1,900 tonnes of steel to be used in the construction of a new hospital in Georgetown, Guyana, by VAMED Engineering GmbH. The new facility, expected to become a point of referral for high-risk cases and a teaching hospital, is set to make a significant impact in Guyana and the wider Caribbean region.
Lord Offord, the Minister for Exports, expressed his support for the UK steel industry, emphasizing the positive impact of the deal on job creation and the overall growth of Severfield. Rob Evans, Divisional Managing Director of Severfield’s Commercial & Industrial division, also commended the invaluable support of UKEF, highlighting the company’s history of delivering high-quality steelwork for overseas projects.
In addition to creating extensive opportunities for UK exporters, this landmark announcement reflects the broader commitment of UKEF towards the UK manufacturing sector. The government’s Advanced Manufacturing Plan, published in December 2023, recognized the pivotal role of the manufacturing sector in the UK’s exports and highlighted UKEF’s contribution of £3.5 billion in new support to the sector in the financial year 2022-23 through loans, guarantees, and insurance.
The positive impact of this development has also been acknowledged by Jane Miller OBE, British High Commissioner to Guyana, who emphasized the significance of the UK’s contribution to the construction of the new hospital in Georgetown. She also highlighted the vast potential for collaboration in Guyana’s rapidly expanding economy.
This success story of Severfield and the meaningful support provided by UKEF emphasize the UK’s continued global relevance in delivering transformative infrastructure projects and its commitment to creating opportunities for the domestic supply chain. This accomplishment also signifies UKEF’s ongoing efforts to support UK exports to Guyana, with up to £2 billion now available for this purpose, further enhancing the prospects for collaboration between the two countries.
In conclusion, this development reinforces the pivotal role of UKEF in facilitating international trade and contributing to the growth and success of UK businesses on the global stage. The collaboration between UKEF and Severfield stands as a testament to the enduring demand for UK expertise in delivering ambitious projects worldwide, ultimately contributing to job creation, economic growth, and prosperity across the UK.
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