Bechtel secures UK Export Finance guaranteed loan for Serbia project
UKEF provides €430 million funding in inaugural export credit arrangement for joint-venture between Bechtel and ENKA.
Bechtel has entered into its first exporter agreement with UKEF to secure a €430 million (£363 million approx) guaranteed loan for the construction of a 5G-ready motorway in Serbia.
The UKEF-supported Buyer Credit Facility will help Bechtel in its joint venture with ENKA to create value worth €150 million (£126.5 million approx) to the UK economy, driving investment into local communities and supporting jobs. This is also the first export credit deal to be concluded by UKEF for Serbia’s Ministry of Finance.
Brendan Bechtel, Bechtel CEO and Chairman, said:
This welcome support from UK Export Finance will allow Bechtel, together with our partner ENKA, to deliver this transformational infrastructure project using goods and services exported from the UK.
At a time of post-COVID recovery, this investment in the supply chain will benefit both the UK and Serbian economies and will also enable Bechtel to continue to grow our partnerships in both countries.