UK debuts shipyard credit guarantee system

The UK government has debuted a shipbuilding credit guarantee scheme in the latest move by the kingdom to bolster its shipyard sector whereby the government will act as a guarantor for lenders, unlocking credit for maritime firms who order in Britain.

Minister for industry and economic security Nusrat Ghani said: “Shipbuilding is an integral part of the UK’s industrial identity and through this scheme we are backing our great maritime businesses to get ahead of the competition.”

The scheme also forms part of the government’s £4bn ($5.16bn) plan to revitalise UK shipbuilding and coastal communities through the National Shipbuilding Strategy Refresh announced last year.

Maritime UK CEO Chris Shirling-Rooke said the credit guarantee scheme was a “massive vote of confidence” from government, and it will empower the UK’s shipbuilding enterprise to compete fairly on the global stage.

“The shipbuilding industry is a growing part of the UK’s new green economy. Supporting the purchase, construction and repair of high-value vessels will encourage continued investment in innovative, sustainable, low-carbon maritime technologies,” Shirling-Rooke said.olf

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