UK Export Finance signs £750 million agreement with GE Aerospace to support airline engine maintenance at regional UK sites 

UKEF have signed a first-of-its-kind financing framework with GE Aerospace worth £750 million, over five years.

L to R: Mark Terribilini, Sohinder Singh, Iain Phillips, Anay Shah, Sam Routledge, Megan Hughes, Farah Borges. Front row: Rahul Ghai, GE Aerospace Senior Vice President and Chief Financial Officer, and Tim Reid, UKEF Chief Executive Officer.

At the Farnborough International Airshow (Monday 20 July), UK Export Finance (UKEF) and GE Aerospace signed a Memorandum of Understanding (MoU) outlining a brand-new financing framework to support airline engine maintenance at GE Aerospace sites in Wales and Scotland.

As first announced last week, the agreement, worth £750 million ($1 billion), will make the UKEF-supported financing available to qualifying customers over a five-year period. 

The partnership between UKEF and GE Aerospace means that airlines can now apply for financing for ‘engine shop visits’ - the overhaul and maintenance work carried out on commercial aircraft engines.  

The signed financing framework also reflects UKEF’s wider commitment to supporting businesses that drive growth across all regions of the UK. GE Aerospace’s Wales and Scotland sites employ more than 2,000 people, and local businesses and supply chains will continue to benefit tangibly from this deal. 

Tim Reid, CEO at UK Export Finance, said: 

This landmark framework shows how UKEF can work in partnership with industry leaders such as GE Aerospace, to unlock practical solutions for global customers. We are backing GE Aerospace’s world-class sites in Wales and Scotland, strengthening the UK’s position in the global aerospace supply chain, while also supporting substantial economic growth and job creation on a local level.