To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 13 February 2017 to Question 63181, for what reasons the $400 million loan provided to GE Oil & Gas via UK Export Finance in January 2017 to support the development of oil and gas fields off the coast of Ghana is not considered a subsidy to fossil fuel production or consumption by the Government.
Answered on
28 February 2017
UK Export Finance (UKEF) support does not represent a subsidy and the $400m support was extended at market-based rates in line with international agreements.
UKEF 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, while operating at no net cost to the taxpayer.