UK Export Finance is seeking a repayable cash advance from the Contingencies Fund of £500,000. The requirement has arisen due to an urgent need to refresh its existing IT equipment (laptops) to meet the needs of the Department and manage its response to Covid-19.
Parliamentary approval for additional capital of £500,000 will be sought in a Supplementary Estimate for UK Export Finance. Pending that approval, urgent expenditure estimated at £500,000 will be met by repayable cash advances from the Contingencies Fund.
The cash advance will be repaid upon receiving Royal Assent on the Supply and Appropriation Bill.
This statement has also been made in the House of Lords