In a boost to the UK’s trade with African countries, UK SME Dints International has won a significant mining contract in Ghana with support from UK Export Finance (UKEF), the UK’s export credit agency (ECA).
Dints is a specialist equipment supplier for frontier markets in Africa, with customers in the mining, oil and gas, construction and energy sectors across some 18 countries. Through their established supplier network, the company offers customers aggregated procurement services to provide them with a secure, efficient and cost-effective supply chain under its unique ‘vendor managed inventory’ concept.
Core to this offering is Dints’ ability to offer credit terms to their customers. UKEF, Dints’ advisor Gabriel Buck of GKB Ventures LTD (GKB), their legal advisors Sullivan & Worcester and their bank, Investec Bank plc (Investec), have developed a tailor made financing structure to support Dints’ business model, which they hope to replicate for Dints’ other customers.
Rt Hon. Greg Hands MP, Minister of State at the Department for International Trade, welcomed the announcement, saying:
"The UK is a centre for excellence in many of the sectors for which the world has greatest demand. I am delighted to see innovative SMEs like Dints winning major contracts in new markets with UKEF’s support. This is a great example of how business and government can work together as a force for good, making sure that the economic benefits of trade are felt throughout the UK supply chain."
Geoffrey de Mowbray, CEO, Dints, said:
"This contract is a major step into a new market for Dints, and UKEF’s ability to provide innovative and flexible guarantee support has been instrumental in helping us win it – we see a strong partnership going forward with UKEF support."
Louis Taylor, Chief Executive, UK Export Finance, said:
"UKEF’s mission is to ensure that no viable UK export fails for want of finance or insurance, and our ambition is to help exporters win contracts, as well as fulfil contracts already won. SMEs like Dints are the backbone of our economy, and we are delighted to have supported this highly entrepreneurial company as it realises its ambitions to grow by selling overseas."
Notes for editors:
UK Export Finance is the UK’s export credit agency. It exists to ensure that no viable UK export should fail for want of finance or insurance from the private market. It provides 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, construction, oil and gas, mining and metals, petrochemicals, telecommunications, and transport.
UKEF has a regional network of 24 export finance advisers supporting export businesses.
- UKEF supports exporters with a range of products that include:
- 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
- The latest information on UKEF’s country cover positions can be found here