IBBI: UK Export Finance support paves the way for UK businesses exporting to Africa

Mining is one of the sectors central to the Ugandan government’s ambition to grow its economy 10-fold by 2040. The country is home to a variety of mineral resources including lithium, silver, zinc, uranium, gold, granite and more.

The challenge

To support these growth plans, IBBI required financing to set up a new granite quarry and asphalt production plant near Kampala. The firm specialises in engineering consultancy services and construction works across East and Central Africa, running projects in Kenya, Tanzania, the Democratic Republic of Congo, Rwanda and Burundi.

The solution

IBBI will source machinery from the UK to set up its plant, after the government’s export credit agency, UK Export Finance (UKEF), guaranteed a £5.29 million loan from the London Forfaiting Company.

The impact

That support has helped secure a multi-million-pound export contract for Rainbo Supplies & Services, a West Sussex-based company with 30 years’ experience in the infrastructure, mining, energy, agriculture and international aid industries.

As a result of their new partnership with IBBI, Rainbo has added four new roles at its Crawley office, bringing their total UK workforce to 34. The new contract will also bring benefits across the UK supply chain, as Rainbo’s suppliers are based on locations including Leicester, Slough and Doncaster.

The partnership between IBBI and Rainbo also secures a positive impact in Uganda. The new granite quarry and asphalt plant is expected to enhance the country’s capacity for major road and infrastructure projects.

Over the last financial year, UKEF provided a record £14.5 billion in new financing, helping over 667 UK companies to export and grow and supported up to 70,000 jobs.