Guidance

Cover policy and indicators

Find out about cover policy and indicators for countries and territories that are covered by UK Export Finance.

• From: UK Export Finance
• Published: 28 April 2013
• Last updated: 3 October 2025 — See all updates

Below you can find an indication of our current cover policy and risk appetite for each country or territory. The information is for guidance only. The details given here may change at any time, and no commitment on our part can be assumed or inferred. The information given in no way commits us to providing cover for a particular contract.

Market Risk Appetite

For foreign exchange earning projects with robust financing structures and strong risk mitigants, UKEF may be able to exceed the market risk appetite specified. We make these decisions on a case by case basis.

The cover indications are not indicative of the nature of the risks of doing business in any individual country or territory. They should not be taken to mean that doing business in the country or territory in question is risk free, and you should carry out your own due diligence.

You should contact our customer service team if you:

• have a business enquiry
• want more information
• want to find out where overseas investment insurance cover may be available
• wish to find out more about our cover position on any country or territory

Contact us

Customer service

Email customer.service@ukexportfinance.gov.uk

Telephone +44 (0)20 7271 8010

A to Z list of country or territory cover policies and indicators

Afghanistan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to sustainable lending criteria.

Albania

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

Algeria

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to Care on Location.

American Samoa

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Andorra

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

Angola

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Anguilla

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Antigua and Barbuda

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Off cover	No	No

Argentina

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Contact us

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

We are willing to consider medium or long-term business involving the Andean Development Corporation (Corporacion Andina de Fomento) or the Central American Bank for Economic Integration (CABEI).

Armenia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to Care on Location.

For medium/long term business, we are willing to consider Local Currency Financing.

Aruba

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

Australia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business Local Currency Financing is available.

Austria

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Azerbaijan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to Care on Location.

Bahamas

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

Bahrain

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For medium/long term business, we are willing to consider Local Currency Financing.

Bangladesh

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Barbados

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£250 million to £500 million	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Belarus

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Off cover	No	No

Belgium

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Belize

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

We are willing to consider medium or long-term business involving the Central American Bank for Economic Integration (CABEI).

Benin

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Subject to Care on Location.

Bermuda

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes	Yes

Bhutan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

For medium or long term cover we can only consider providing support for exports to private sector buyers.

Subject to sustainable lending criteria.

Subject to Care on Location.

Bolivia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

We are willing to consider medium or long-term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Bosnia and Herzegovina

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£3 billion to £4 billion	Yes	Yes

Botswana

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Brazil

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

British Virgin Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£50 million to £100 million	Yes	Yes

Brunei Darussalam

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

Bulgaria

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Burkino Faso

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Contact us

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to Care on Location.

Subject to sustainable lending criteria.

Burundi

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Cambodia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Cameroon

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to Care on Location.

Subject to sustainable lending criteria.

For medium and long-term business, Local Currency Financing is available.

Canada

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Cape Verde

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£250 million to £500 million	Yes	Yes

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Cayman Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

Central African Republic

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Contact us	Contact us

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Chad

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Chad, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Chile

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

China

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Colombia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Comoros

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Comoros, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Congo

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Congo, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Congo DR (formerly Zaire)

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

Subject to sustainable lending criteria.

Subject to Care on Location.

Cook Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Less than £25m	Yes	Less than £25m

Costa Rica

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£3 billion to £4 billion	Yes	Yes

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Cote D’Ivoire

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Subject to Care on Location.

Croatia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Cuba

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

UKEF can consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Cyprus

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

UKEF’s cover policy applies only to the area under control of the Government of the Republic of Cyprus.

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Czech Republic

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Denmark

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Djibouti

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Djibouti, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Dominica

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can consider foreign exchange-earning projects only.

Subject to sustainable lending criteria.

Dominican Republic

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Dubai

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For medium/long term business, we are willing to consider Local Currency Financing.

Ecuador

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

We are willing to consider medium or long-term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Egypt

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium and long-term business, Local Currency Financing is available.

El Salvador

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£250 million to £500 million	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Equatorial Guinea

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Eritrea

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Subject to sustainable lending criteria.

Estonia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Eswatini (formerly Swaziland)

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

Ethiopia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Ethiopia, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Subject to Care on Location.

Falkland Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£25 million to £50 million	Yes	Yes

Faroe Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Fiji

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Finland

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

France

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

French Polynesia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500m to £1bn	Yes	Yes

Gabon

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Gambia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Gambia, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Georgia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to Care on Location.

Germany

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Ghana

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Off cover	No	No

Subject to sustainable lending criteria.

Gibraltar

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Greece

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Greenland

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Yes

We would need to conduct a country review to consider any medium or long-term cover.

Grenada

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£100 to £250 million	Yes	Yes

Subject to sustainable lending criteria.

Guatemala

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We can also consider business where the CABEI acts as borrower or guarantor.

Guinea

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Subject to Care on Location.

Guinea-Bissau

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	Yes	No

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Guyana

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	Yes	Yes

Subject to sustainable lending criteria.

Subject to Care on Location.

Haiti

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Honduras

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We can also consider business where the CABEI acts as borrower or guarantor.

Subject to sustainable lending criteria.

Hong Kong

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Hungary

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Iceland

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

India

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

Indonesia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

Iran

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

In 2016, UKEF reintroduced cover for Iran in Pounds Sterling and Euros. This is on a case-by-case basis and allows for contracts of material size (hundreds of millions). UKEF will also consider applications for direct lending.

Iraq

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1bn - £2bn	Yes - with restrictions	Yes

Capacity is limited and it is up to the Government of Iraq to decide which are the priority projects for financing within the cover available.

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to Care on Location.

Ireland

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Israel

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Italy

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Jamaica

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Japan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Jordan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£3 billion to £4 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Kazakhstan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Kenya

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes	Yes

Subject to sustainable lending criteria.

Kiribati

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Contact us	Contact us

Subject to sustainable lending criteria.

We would need to conduct a country review to consider any cover.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Kosovo

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	Yes	Yes

For cash or short term cover, we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Kuwait

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Kyrgyzstan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Laos

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Latvia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Lebanon

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to Care on Location.

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

Lesotho

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

Subject to sustainable lending criteria.

Liberia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Libya

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Liechtenstein

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	Yes	Yes

Lithuania

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Luxembourg

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Macao

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

Madagascar

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Malawi

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Malawi, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Malaysia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Maldives

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for the Maldives, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Mali

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Contact us

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Malta

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Marshall Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Less than £25 million	Yes	Yes

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Mauritania

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Mauritius

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Mexico

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Micronesia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Contact us	Contact us

Subject to sustainable lending criteria.

We would need to conduct a country review to consider any cover.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Moldova

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes	Yes

Subject to sustainable lending criteria.

Monaco

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes	Yes

Mongolia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	Yes	Yes

Montenegro

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion - £2 billion	Yes	Yes

Montserrat

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Less than £25m	Yes	Yes

Morocco

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Mozambique

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Mozambique, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Subject to Care on Location.

Myanmar

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to sustainable lending criteria.

Namibia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

Nauru

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Nepal

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Subject to Care on Location.

Netherlands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

New Zealand

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Nicaragua

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

Subject to sustainable lending criteria.

We are willing to consider medium or long-term business involving the Central American Bank for Economic Integration (CABEI).

Niger

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Contact us

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Subject to Care on Location.

Nigeria

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£500 million to £1 billion	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

Subject to Care on Location.

Niue

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Contact us	Contact us

We would need to conduct a country review to consider any cover.

North Korea

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

North Macedonia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

North Mariana Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Contact us	Contact us

We would need to conduct a country review to consider any cover.

Norway

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Oman

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

Pakistan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to Care on Location.

Palau

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Contact us	Contact us

We would need to conduct a country review to consider any cover.

Palestinian Authority

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Panama

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Papua New Guinea

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes	Yes

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Paraguay

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, we are willing to consider Local Currency Financing.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Peru

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We can also consider business in Peru where the CAF acts as borrower or guarantor.

For medium/long term business, Local Currency Financing is available.

Philippines

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

Poland

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Portugal

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Puerto Rico

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Qatar

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£3 billion to £4 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Romania

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Russian Federation

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Off cover	No	No

Rwanda

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£2 billion to £3 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Samoa

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

San Marino

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£250 million to £500 million	Yes	Yes

Sao Tome and Principe

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Sao Tome and Principe, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Saudi Arabia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Senegal

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Serbia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Seychelles

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£250 million to £500 million	Yes	Yes

Sierra Leone

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Sierra Leone, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Singapore

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Slovakia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Slovenia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Solomon Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Contact us	Contact us

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Somalia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

South Africa

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

South Korea

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

South Sudan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Spain

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Sri Lanka

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Off cover	No	No

St Helena

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Less than £25 million	Yes	Yes

St Kitts and Nevis

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£100 million to £250 million	Yes	Yes

St Lucia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£250 million to £500 million	Yes	Contact us

Subject to sustainable lending criteria.

St Pierre and Miquelon

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

St Vincent and the Grenadines

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£100 million to £250 million	Yes	Yes

Subject to sustainable lending criteria.

Sudan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to sustainable lending criteria.

Suriname

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Yes

Subject to Care on Location.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Sweden

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Switzerland

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business, Local Currency Financing is available.

Syria

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to sustainable lending criteria.

Taiwan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Tajikistan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes - With restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would prefer asset-based finance or foreign exchange-earning projects.

Subject to sustainable lending criteria.

Subject to Care on Location.

Tanzania

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Subject to Care on Location.

Thailand

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Timor l’Este

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Togo

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Subject to Care on Location.

Tonga

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Trinidad and Tobago

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Tunisia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Yes

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank. For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

Turkey

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£1 billion to £2 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Turkmenistan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	Yes - with restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Turks and Caicos Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£100 million to £250 million	Yes	Yes

Tuvalu

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Contact us	Contact us

We would need to conduct a country review to consider any cover.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Uganda

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	1 billion to £2 billion	Yes	Yes

Subject to sustainable lending criteria.

For medium/long term business, Local Currency Financing is available.

Ukraine

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	Contact us	Contact us

United Arab Emirates (UAE)

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5bn	Yes	Yes

Our market risk appetite for United Arab Emirates is shared with Abu Dhabi but not Dubai, which has its own country limit.

For medium/long term business, Local Currency Financing is available.

United States of America (USA)

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£4 billion to £5 billion	No	Yes

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

Uruguay

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Uzbekistan

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	£3 billion to £4 billion	Yes - with restrictions	Yes

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Vanuatu

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Vatican City

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Venezuela

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Contact us	No	Contact us

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects.

We are willing to consider medium or long-term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Vietnam

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	At least £5 billion	Yes	Yes

For medium/long term business, Local Currency Financing is available.

Virgin Islands (US)

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	Yes	Contact us

We would need to conduct a country review to consider any medium or long-term cover.

Yemen

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to sustainable lending criteria.

Zambia

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	Case by case	No	Contact us

We are unable to offer short term cover unless payments can be secured by a confirmed irrevocable letter of credit or equivalent security, provided by a suitable bank.

For medium or long-term cover, we can only consider providing support for foreign exchange-earning projects

Subject to sustainable lending criteria.

Considering the IMF and World Bank zero non-concessional borrowing limit for Zambia, UKEF is unable to provide medium- or long-term cover for sovereign or public transactions unless the IMF and World Bank grant the authorities a waiver for the transaction.

Zimbabwe

	Market risk appetite	Cash or short term cover	Medium or long term cover
Cover policy	We are not able to offer any cover	No	No

Subject to sustainable lending criteria.

Definitions

Care on location

Those countries where there may be regional, ethnic or religious tensions, border disputes/conflict with neighbouring countries which may give rise to additional risks depending on where projects are located. We will need to take into account the location of the project in deciding whether or not support can be provided.

Cash or Short Term Cover

Where the duration of the contract is less than 2 years, UKEF cannot support exports to European Union countries, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the United States of America because of obligations arising under UK international Trade Agreements.

Foreign exchange-earning projects

Projects which earn foreign exchange income. In certain circumstances it may be possible to provide support for such projects in countries where UKEF cover is not normally available.

Horizon of risk

The total length of time UKEF could be at risk for a contract. This is usually the total period from date of contract to final payment under that contract.

Letters of credit

A letter of credit is an undertaking by a bank to make a payment to a named beneficiary within a specified time, against the presentation of documents which comply strictly with the terms of the letter of credit. There are different types of letter of credit including irrevocable letter of credit (ILC) and confirmed irrevocable letter of credit (CILC).

Market risk appetite

The total amount of risk exposure we would be willing to support for new business in a particular country or territory. For foreign exchange earning projects with robust financing structures and strong risk mitigants, UKEF may be able to exceed the market risk appetite specified. We make these decisions on a case by case basis.

Medium or long term cover

Where the credit terms are longer than 2 years.

Public or private sector

The status of an entity. Public sector entities are usually government departments, or organisations owned by the State. Private sector entities are businesses owned by private individuals or organisations.

Sustainable lending

For certain poor countries we can only support exports and investments which meet sustainable lending criteria. The export or investment must be expected to assist in the social and economic development of the country or territory, without adversely affecting its underlying debt sustainability position.

Premium indicator

Use our premium indicator tool to obtain an indicative premium rate for medium or long-term transactions, where UKEF will be supporting a contract with an overseas sovereign buyer as the risk entity.

Published 28 April 2013

Last updated 3 October 2025 + show all updates

1. 3 October 2025

   Market Risk Appetite figures increased for Benin, Indonesia and Japan.

2. 11 September 2025

   Updated information for: Angola, Comoros, Cook Islands, Cuba, Djibouti, Equatorial Guinea, Eritrea, French Polynesia, Gambia, Haiti, Iran, Iraq, Lebanon, Malawi, Montserrat, Puerto Rico, Sao Tome and Principe, Sierra Leone, Ukraine. UAE

3. 13 August 2025

   Information for Nigeria ammended

4. 4 August 2025

   MRAs updated: Egypt (to ‘£500m - £1bn’) Guatemala (to ‘At Least £5bn’) Nigeria (to ‘£500m - £1bn’) India (to ‘£4bn - £5bn’) Indonesia (to ‘£2bn - £3bn’) United States (to ‘£3bn - £4bn’)

5. 4 August 2025

   Cover policy for Kosovo updated

6. 2 July 2025

   Updates to MRA bands for Armenia, Iceland, Lesotho, Montenegro, Saint Kitts and Nevis

7. 5 June 2025

   Amendment made to Senegal - Market Risk factor changed to "FXP Only" Information added “For medium or long term cover we can only consider providing support for foreign exchange-earning projects.” Information removed “For medium/long term business, we are willing to consider Local Currency Financing.” Entries for Curacao and Sint Martaan removed Entry for Gibraltar table corrected to view correctly

8. 6 May 2025

   MRA for Albania and Tanzania changed.

9. 6 May 2025

   MRA for Moldova changed.

10. 14 April 2025

    Market risk appetite for Tanzania changed to £2 to £3 billion

11. 11 April 2025

    The Consensus Category has been removed. Due to changes in the OECD arrangement, it is no longer relevant to include this section.

12. 2 April 2025

    Senegal market risk appetite updated.

13. 12 March 2025

    Country cover updated for Nicaragua and Marshall Islands.

14. 7 March 2025

    Update to Turkey cover policy - £1 billion to £2 billion

15. 19 February 2025

    Amendments made to the following countries: Bermuda Guyana Namibia Nepal St Kitts and Nevis St Lucia Turkey

16. 11 February 2025

    Updates have been made to the cover policy for Kyrgyzstan.

17. 7 January 2025

    Changes have been made to the market risk appetite for Cote d'Ivoire, Kosovo and Oman.

18. 5 December 2024

    Market Risk Appetite for Guinea has been updated.

19. 8 November 2024

    The market risk appetite for Tunisia has been updated from 'FXP only' to 'case by case'.

20. 5 November 2024

    Updates have been made to the cover policy for Gabon.

21. 28 October 2024

    Edit to Niger entry.

22. 16 October 2024

    The market risk appetite for Kenya and Turkmenistan has been updated.

23. 6 September 2024

    Amendment made to Tunisia entry

24. 9 July 2024

    Market risk appetites for Turkey and Egypt have been updated.

25. 4 June 2024

    Market risk appetite for Oman is now £3 billion to £4 biillion.

26. 9 May 2024

    Market risk appetite for Costa Rica and Jamaica have been updated.

27. 9 May 2024

    Amendments made to the following countries: Brazil Egypt Grenada Mali Qatar St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines Serbia Turkey Turks and Caicos Islands

28. 29 April 2024

    Amendments made to Grenada, St Kitts and Nevis and St Lucia

29. 9 April 2024

    Tajikistan entry edited.

30. 8 April 2024

    This entry was added to the following countries; Gambia, Haiti, Solomon Islands, and Timor l’Este: ‘In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction’. This entry was added to the following countries; Grenada, Mali, Myanmar, Syria, Yemen, Zimbabwe: ‘Subject to Sustainable Lending Criteria’.

31. 15 March 2024

    Changes to the following countries: Armenia Bosnia and Herzegovina Greece Honduras Jamaica Jordan Oman Poland Qatar Rwanda Seychelles Turkmenistan Uzbekistan Vietnam

32. 13 March 2024

    Market risk appetite for Turkey updated to £250 million to £500 million.

33. 5 March 2024

    St Vincent and the Grenadines MRA changed.

34. 6 February 2024

    Change to market risk appetite for Bolivia.

35. 2 February 2024

    Paragraph under Cameroon removed: ‘In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.’

36. 2 February 2024

    ‘Subject to sustainable lending criteria’ for Cameroon removed.

37. 5 January 2024

    Updates to the market risk appetite for Albania, Algeria, Andorra, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Belgium, Bermuda, Bhutan, Botswana, Brazil, Brunei Darussalam, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Dominican Republic, Dubai, Estonia, Fiji, Finland, France, Georgia, Germany, Greece, Guatemala, Guyana, Hong Kong, Hungary, Iceland, India, Ireland, Israel, Italy, Japan, Kazakhstan, South Korea, , Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, North Macedonia, Malaysia, Malta, Mauritius, Mexico, Mongolia, Montenegro, Morocco, Netherlands, New Zealand, Norway, Oman, Panama, Paraguay, Peru, Philippines, Portugal, Romania, Saudi Arabia, Serbia, Singapore, Slovakia, Slovenia, South Africa, Spain, Eswatini, Sweden, Switzerland, Taiwan, Thailand, Trinidad and Tobago, Turkey, Uganda, United Arab Emirates, United States, Uruguay, Vietnam.

38. 9 October 2023

    Barbados details changed.

39. 2 October 2023

    Oman banding changed from £2bn to £3bn to £1bn to £2b.

40. 5 September 2023

    Market risk appetite for Oman increased to £2 billion to £3 billion.

41. 1 August 2023

    Local currency financing no longer available for Croatia.

42. 27 July 2023

    - Turkey MRA updated - Text added to Comoros - Text removed from Haiti and Gambia

43. 8 June 2023

    Changes for Nigeria made.

44. 25 May 2023

    Bolivia banding updated.

45. 3 May 2023

    MRA for Brazil, Poland and Uganda updated.

46. 28 April 2023

    Text removed from Sudan.

47. 12 April 2023

    Changes to the following countries: Azerbaiajn Bangladesh Bosnia and Herzegovina Cote d'Ivoire Dominican Republic Honduras Jordan Macedonia Mongolia South Africa Turkmenistan

48. 5 April 2023

    Changes to Costa Rica and Guatemala

49. 24 March 2023

    Afghanistan and Comoros updated.

50. 24 March 2023

    Albanian country cover

51. 22 March 2023

    Ghana change

52. 15 March 2023

    Changes to the following countries: - Egypt - Indonesia - Poland - Turkey

53. 14 February 2023

    MRA for Pakistan updated.

54. 27 January 2023

    Changes to Bolivia and Mali.

55. 18 January 2023

    Market risk appetite for Indonesia updated.

56. 1 December 2022

    Change to Ghana and Niger.

57. 29 November 2022

    Banding changes for the following countries: - Andorra - Dubai - Jordan - Mauritius - Togo - Turks and Caicos Islands

58. 24 November 2022

    Changes made to Antigua and Barbuda

59. 11 November 2022

    Tunisia MRA changed to case by case.

60. 2 November 2022

    Updated the market risk appetite for USA

61. 24 October 2022

    Removed the word 'confirmed' from the Angola copy. Added a further sentence to the Ghana copy.

62. 18 October 2022

    The Market Risk Appetite column for Angola has changed to 'contact us', given that our available MRA in the country is low.

63. 2 September 2022

    Sri lanka cover updated

64. 2 September 2022

    Cover for Sri Lanka updated.

65. 30 August 2022

    Cover for Kosovo has been updated.

66. 15 August 2022

    Market risk appetite for Angola updated.

67. 3 August 2022

    MRA for Saudi Arabia updated.

68. 20 June 2022

    Cover policy for Cote D'Ivoire updated.

69. 17 May 2022

    Edited to reflect change in coverage for South Sudan. "In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction" has been removed.

70. 11 May 2022

    Burkina Faso cover position changed

71. 21 April 2022

    Cameroon updated to reflect updates to sustainable lending.

72. 12 April 2022

    Updated cover details for El Salvador

73. 31 March 2022

    Cash or short term cover information updated for European Union countries, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the United States of America due obligations arising under UK international Trade Agreements.

74. 16 March 2022

    Market risk appetite for Turkey updated to £250 million to £500 million.

75. 15 March 2022

    Changes to Belarus and Russia to reflect changes in cover

76. 4 March 2022

    Changes to Burundi, Congo DR, Papa New Guinea, Vanuatu and Zambia to reflect updates to sustainable lending and changes to cover position.

77. 25 February 2022

    Market risk appetite for Ukraine updated to Contact Us.

78. 13 December 2021

    Market risk apetite for Ukraine updated to £1 billion to £2 billion.

79. 2 March 2021

    Myanmar cover is no longer available.

80. 16 February 2021

    Market risk appetite in Ghana changed to £500 million - £750 million.

81. 29 July 2020

    Changes made to reflect UKEF’s updated Exposure Management Framework.

82. 31 March 2020

    Updated to reflect support for credit insurance business with a horizon of risk of less than 24 months in the EU, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the USA.

83. 17 August 2018

    Updated MRA guidelines

84. 23 February 2018

    Updated to include details of UKEF's sovereign premium indicator tool.

85. 27 April 2017

    Updated country cover policies for Oman, Saudi Arabia and Dominican Republic

86. 1 October 2015

    Updated to reflect latest cover position

87. 3 September 2015

    Country cover indicators updated

88. 23 October 2014

    Change to the market risk appetite for Venezuela

89. 28 April 2013

    First published.