UK Export Finance unlocks trade to Egypt and supports UK jobs with £1.7bn guarantee
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Bombardier’s train unit has been granted £1.7bn to continue to fund its rail division which will support an English plant ahead of it pending merger with France-based Alstom..
Bombardier have stated that it’s their intension to invest in their Derby facility after obtaining a £1.7bn train construction contract for new monorail lines in Cairo.
This government grant will support nearly 100 jobs at the 2,000-strong plant.
As a result of the Brexit vote, Britain is pushing the UK Export Finance (UKEF) to help promote global trade links.
UKEF also recently provided assistance to global airline companies EasyJet and British Airways.
The Egyptian deal will mark the first export of UK-built trains for more than a decade.
It will also enhance the Litchurch Lane plant prior to the Alstom buyout of Berlin-based Bombardier Transportation.
According to the French company, whose last UK train factory closed down in 2004, the acquisition will conclude on 29 January.