VAMED and UKEF agree framework to boost UK healthcare exports

UK Export Finance (UKEF) and VAMED Engineering have signed an agreement to grow VAMED’s UK export supply chain and UK operations.

Baroness Fairhead, Minister of State for Trade and Export Promotion, welcomed the agreement: "VAMED is a global leader in healthcare, providing hospitals and medical facilities that are improving the lives of people in more than 80 countries around the world."

"The Export Strategy, and our newly launched second Life Sciences Sector Deal, set out our ambition to connect more UK businesses with international opportunities, and I am delighted that UK Export Finance and the Department for International Trade are working with VAMED to increase healthcare exports."

Growing the export supply chain and UK operations

The agreement sets out plans for UKEF, the UK’s export credit agency, the Department for International Trade and VAMED Engineering to work together to increase VAMED’s procurement from UK suppliers of healthcare equipment and services, as well as growing its operations in the UK. It also identifies opportunities for UK companies to secure business with VAMED projects, backed by UKEF financing, in 20 countries over the next five years. Priority regions for co-operation and potential financing include sub-Saharan Africa, Latin America and Commonwealth countries.

Signing the agreement in Vienna, Andrea Raffaseder, Managing Director, VAMED Engineering, said: "VAMED Engineering has ambitious plans for continued international growth, and we see great opportunities to work with healthcare companies in the UK as we improve healthcare provision for communities around the world. UK Export Finance will be a key partner, providing innovative finance to our overseas customers to match the unique capabilities of UK suppliers."

The co-operation framework builds on previous collaboration between VAMED Engineering, UKEF and the Department for International Trade, who jointly hosted a supplier fair event in October 2018 showcasing opportunities with VAMED projects in sub-Saharan Africa, attended by nearly 100 UK companies.

Background

UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.

Our mission is to ensure that no viable UK export should fail for want of finance or insurance from the private market. We provide finance and insurance to help exporters win, fulfil and ensure they get paid for export contracts.

Sectors in which UKEF has supported exports include: aerospace, healthcare, infrastructure, telecommunications and transport.

UKEF has a national regional network of 24 export finance managers supporting export businesses.

Our range of products includes:

  • Bond insurance policy
  • Bond support scheme
  • Buyer & supplier credit financing facility
  • Direct lending facility
  • Export insurance policy
  • Export refinancing facility
  • Export working capital scheme
  • Letter of credit guarantee scheme

Our country cover positions outline our current cover policy and risk appetite for each country.