MoU signed with Ministry of Finance to provide up to £500 million
A Memorandum of Understanding was signed for government procurement of UK goods and services in Dominican Republic financed by UKEF.
The United Kingdom and the Dominican Republic have an excellent and growing trade relationship. To further support this trade relationship, UK Export Finance (‘UKEF’) can provide up to £750 million in financial support for UK exports to the Dominican Republic, helping buyers in the Dominican Republic access attractive finance for their purchases of UK goods and services.
Taking this into account, on 24 April 2017, the UK and Dominican governments, through the British Embassy in Santo Domingo and the Ministry of Finance, respectively, signed a Memorandum of Understanding which makes available up to £500 million to finance the procurement of British goods and services by the government of the Dominican Republic.
The signing of the Memorandum is a measure that further fosters the growing trade between the Dominican Republic and the United Kingdom as the market in the Dominican Republic continues to grow and develop.
Through UKEF, the British government can provide financial facilities for up to £750 million. Up to £500 million of that is available to finance the procurement of capital goods and services of UK origin (and non-UK goods and services subject to UKEF minimum UK content requirement being met). This is for the implementation of government-sponsored major infrastructure projects across the Dominican Republic including:
- Power and electricity distribution
- Refurbishment, repair and construction of new water and wastewater treatment plants
In addition up to £250 million is available to finance infrastructure projects in the private sector.
The Memorandum of Understanding seeks to continue strengthening cooperation and collaboration between the Dominican Republic and the United Kingdom and provides an opportunity for the Dominican Government to further strengthen ties with British companies.