Guidance

Cover policy and indicators

Find out about cover policy and indicators for countries and territories that are covered by UK Export Finance.

From:: UK Export Finance
Published: 28 April 2013
Last updated: 513 March 2024 — See all updates

Below you can find an indication of our current cover policy and risk appetite for each country or territory. The information is for guidance only. The details given here may change at any time, and no commitment on our part can be assumed or inferred. The information given in no way commits us to providing cover for a particular contract.

Market Risk Appetite

For foreign exchange earning projects with robust financing structures and strong risk mitigants, UKEF may be able to exceed the market risk appetite specified. We make these decisions on a case by case basis.

The cover indications are not indicative of the nature of the risks of doing business in any individual country or territory. They should not be taken to mean that doing business in the country or territory in question is risk free, and you should carry out your own due diligence.

You should contact our customer service team if you:

have a business enquiry
want more information
want to find out where overseas investment insurance cover may be available
wish to find out more about our cover position on any country or territory

Contact us

Customer service

Email customer.service@ukexportfinance.gov.uk

Telephone +44 (0)20 7271 8010

A to Z list of country or territory cover policies and indicators

Afghanistan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Subject to sustainable lending criteria.

Albania

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

Algeria

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

Subject to Care on Location.

American Samoa

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

We would need to conduct a country review to consider any medium or long-term cover.

Andorra

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	Two

Angola

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Contact us	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by an irrevocable letter of credit or equivalent security.

Anguilla

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

We would need to conduct a country review to consider any medium or long-term cover.

Antigua and Barbuda

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Off cover	No	No	Not applicable

Argentina

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Contact us

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Armenia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£2 billion to £3 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to Care on Location.

For medium/long term business, we are willing to consider Local Currency Financing.

Aruba

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	Two

Australia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Due to obligations arising under UK international Trade Agreements, we are prohibited from supporting credit insurance business through UKEF’s Export Insurance Policy (EXIP) with a horizon of risk of less than 24 months.

For medium/long term business Local Currency Financing is available.

Austria

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Azerbaijan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

Subject to Care on Location.

Bahamas

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	Two

Bahrain

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

For medium/long term business, we are willing to consider Local Currency Financing.

Bangladesh

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

Subject to sustainable lending criteria.

Barbados

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£250 million to £500 million	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Belarus

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Off cover	No	No	Not applicable

Belgium

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Belize

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Benin

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Subject to Care on Location.

Bermuda

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	One

Bhutan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	Two

For medium or long term cover we can only consider providing support for exports to private sector buyers.

Subject to sustainable lending criteria.

Subject to Care on Location.

Bolivia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Bosnia and Herzegovina

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£2 billion to £3 billion	Yes	Yes	Two

Botswana

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Brazil

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

British Virgin Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£50 million to £100 million	Yes	Yes	One

Brunei Darussalam

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

Bulgaria

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	Two

For medium/long term business, Local Currency Financing is available.

Burkino Faso

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Off cover	Contact us	Two

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to Care on Location.

Subject to sustainable lending criteria.

Burundi

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Subject to sustainable lending criteria.

In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.

Cambodia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by an irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Cameroon

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to Care on Location.

Subject to sustainable lending criteria.

Canada

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

Cape Verde

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£250 million to £500 million	Yes	Yes	Two

Subject to sustainable lending criteria.

Cayman Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	One

Central African Republic

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Not applicable

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Chad

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Chile

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	One

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

China

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Colombia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Comoros

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	No	Yes	Two

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Congo

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Congo DR (formerly Zaire)

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Subject to Care on Location.

Cook Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would need to conduct a country review to consider any medium or long-term cover.

Costa Rica

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£2 billion to £3 billion	Yes	Yes	Two

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Cote D’Ivoire

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Subject to Care on Location.

Croatia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	Two

Cuba

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

We can consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Curacao

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

We would need to conduct a country review to consider any cover.

Cyprus

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	Two

UKEF’s cover policy applies only to the area under control of the Government of the Republic of Cyprus.

Czech Republic

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

Denmark

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

Djibouti

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can consider foreign exchange-earning projects only.

Subject to sustainable lending criteria.

Dominica

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can consider foreign exchange-earning projects only.

Subject to sustainable lending criteria.

Dominican Republic

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Dubai

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

For medium/long term business, we are willing to consider Local Currency Financing.

Ecuador

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Egypt

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£750 million to £1 billion	Yes	Yes	Two

For medium and long-term business, Local Currency Financing is available.

El Salvador

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Equatorial Guinea

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Eritrea

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Estonia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Eswatini (formerly Swaziland)

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	Two

Ethiopia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Subject to Care on Location.

Falkland Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£25 million to £50 million	Yes	Yes	One

Faroe Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

We would need to conduct a country review to consider any medium or long-term cover.

Fiji

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Finland

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

France

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

French Polynesia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

We would need to conduct a country review to consider any medium or long-term cover.

Gabon

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Gambia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Georgia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to Care on Location.

Germany

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Ghana

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Off cover	No	No	Not applicable

Subject to sustainable lending criteria.

Gibraltar

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

We would need to conduct a country review to consider any medium or long-term cover.

Greece

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	No	Yes	One

Greenland

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	One

We would need to conduct a country review to consider any medium or long-term cover.

Grenada

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Guatemala

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

We can also consider business where the CABEI acts as borrower or guarantor.

Guinea

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Subject to Care on Location.

Guinea-Bissau

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	Yes	No	Not applicable

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Guyana

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

Subject to sustainable lending criteria.

Subject to Care on Location.

Haiti

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	No	Yes	Two

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Honduras

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We can also consider business where the CABEI acts as borrower or guarantor.

Subject to sustainable lending criteria.

Hong Kong

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Hungary

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

Iceland

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£3 billion to £4 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

India

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

Indonesia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£3 billion to £4 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

Iran

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Contact us	Contact us	Contact us	Two

In 2016, UKEF reintroduced cover for Iran in Pounds Sterling and Euros. This is on a case-by-case basis, and allows for contracts of material size (hundreds of millions). UKEF will also consider applications for direct lending.

Iraq

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

Capacity is limited and it is up to the Government of Iraq to decide which are the priority projects for financing within the cover available.

Subject to Care on Location.

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Ireland

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Israel

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	One

For medium/long term business, Local Currency Financing is available.

Italy

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Jamaica

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Japan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Jordan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£2 billion to £3 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Kazakhstan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Kenya

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

Subject to sustainable lending criteria.

Kiribati

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

Subject to sustainable lending criteria.

We would need to conduct a country review to consider any cover.

Kosovo

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover, we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Kuwait

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Kyrgyzstan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

Laos

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Latvia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Lebanon

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to Care on Location.

Lesotho

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£250 million to £500 million	Yes	Yes	Two

Subject to sustainable lending criteria.

Liberia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

Libya

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Liechtenstein

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	Two

Lithuania

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Luxembourg

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Macao

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

Madagascar

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Malawi

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Malaysia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Maldives

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Mali

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

Malta

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	Two

Marshall Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

Subject to sustainable lending criteria.

We would need to conduct a country review to consider any cover.

Mauritania

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Mauritius

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Mexico

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Micronesia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

Subject to sustainable lending criteria.

We would need to conduct a country review to consider any cover.

Moldova

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

Monaco

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

Mongolia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£2 billion to £3 billion	Yes	Yes	Two

Montenegro

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£500 million to £1 billion	Yes	Yes	Two

Montserrat

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

We would need to conduct a country review to consider any medium or long-term cover.

Morocco

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Mozambique

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider foreign exchange-earning projects.

Subject to sustainable lending criteria.

Subject to Care on Location.

Myanmar

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Namibia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

Nauru

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

We would need to conduct a country review to consider any medium or long-term cover.

Nepal

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Subject to Care on Location.

Netherlands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

New Zealand

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Nicaragua

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

Subject to sustainable lending criteria.

We can also consider business where the CABEI acts as borrower or guarantor.

Niger

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

Normally irrevocable letter of credit or equivalent security for private buyers.

Normally confirmed irrevocable letter of credit or equivalent security for sovereign/public buyers.

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

Nigeria

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to Care on Location.

Niue

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	One

We would need to conduct a country review to consider any cover.

North Korea

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

North Macedonia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

North Mariana Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	One

We would need to conduct a country review to consider any cover.

Norway

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

Oman

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£2 billion to £3 billion	Yes	Yes	Two

Pakistan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to Care on Location.

Palau

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

We would need to conduct a country review to consider any cover.

Palestinian Authority

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Panama

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Papua New Guinea

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

Subject to sustainable lending criteria.

Paraguay

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, we are willing to consider Local Currency Financing.

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

Peru

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

We can also consider business in Peru where the CAF acts as borrower or guarantor.

For medium/long term business, Local Currency Financing is available.

Philippines

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Subject to Care on Location.

Poland

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

Portugal

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Puerto Rico

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	One

Short term cover is available for private sector buyers only.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Qatar

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Romania

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	Two

For medium/long term business, Local Currency Financing is available.

Russian Federation

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Off cover	No	No	Not Applicable

Rwanda

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Samoa

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

San Marino

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£250 million to £500 million	Yes	Yes	Two

Sao Tome and Principe

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by Confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Saudi Arabia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Senegal

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by Confirmed irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Serbia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available on a case-by-case basis.

Seychelles

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£150 million to £250 million	Yes	Yes	Two

Sierra Leone

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by confirmed irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Singapore

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Sint Maarten

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

We would need to conduct a country review to consider any cover.

Slovakia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Slovenia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

Solomon Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Somalia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Subject to sustainable lending criteria.

South Africa

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

South Korea

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	One

For medium/long term business, Local Currency Financing is available.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

South Sudan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Two

Subject to sustainable lending criteria.

Spain

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Sri Lanka

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Off cover	No	No	No

St Helena

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Less than £25 million	Yes	Yes	One

St Kitts and Nevis

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

St Lucia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

Subject to sustainable lending criteria.

We would need to conduct a country review to consider any medium or long-term cover.

St Pierre and Miquelon

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

We would need to conduct a country review to consider any medium or long-term cover.

St Vincent and the Grenadines

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£100 million to £150 million	Yes	Yes	Two

Subject to sustainable lending criteria.

Sudan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Subject to sustainable lending criteria.

Suriname

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

Subject to Care on Location.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Sweden

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

Switzerland

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	No	Yes	One

For medium/long term business, Local Currency Financing is available.

Syria

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Taiwan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

We can also consider business where the Central American Bank for Economic Integration (CABEI) acts as borrower or guarantor.

Tajikistan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

We would prefer asset based finance or foreign exchange earning projects.

Subject to sustainable lending criteria.

Subject to Care on Location.

Tanzania

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

For medium/long term business, we are willing to consider Local Currency Financing.

Subject to sustainable lending criteria.

Subject to Care on Location.

Thailand

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Timor l’Este

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

Togo

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£1 billion to £2 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Subject to sustainable lending criteria.

Subject to Care on Location.

Tonga

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

Trinidad and Tobago

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Tunisia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Yes	Two

Turkey

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	~~£500~~£250 million to £1£500 ~~billion~~million	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Turkmenistan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£2 billion to £3 billion	Yes	Yes	Two

For cash or short term cover we would expect payments to be secured by irrevocable letter of credit or equivalent security.

Turks and Caicos Islands

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£100 million to £150 million	Yes	Yes	One

Tuvalu

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

We would need to conduct a country review to consider any cover.

Subject to sustainable lending criteria.

Uganda

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	1 billion to £2 billion	Yes	Yes	Two

Subject to sustainable lending criteria.

For medium/long term business, Local Currency Financing is available.

Ukraine

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Contact us	Contact us	Contact us	Two

Subject to Care on Location.

United Arab Emirates (UAE)

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

Our market risk appetite for United Arab Emirates is shared with Abu Dhabi but not Dubai, which has its own country limit.

For medium/long term business, Local Currency Financing is available.

United States of America (USA)

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	No	Yes	One

Uruguay

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	At least £5 billion	Yes	Yes	Two

We are also willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium/long term business, Local Currency Financing is available.

Uzbekistan

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£2 billion to £3 billion	Yes	Yes	Two

Subject to sustainable lending criteria.

Vanuatu

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

We would need to conduct a country review to consider any medium or long-term cover.

Subject to sustainable lending criteria.

Vatican City

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	Two

We would need to conduct a country review to consider any medium or long-term cover.

Venezuela

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Contact us	Contact us	Contact us	Two

We are willing to look at medium/long term business involving the Andean Development Corporation (Corporacion Andina de Fomento).

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Vietnam

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	£4 billion to £5 billion	Yes	Yes	Two

For medium/long term business, Local Currency Financing is available.

Virgin Islands (US)

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Yes	Contact us	One

We would need to conduct a country review to consider any medium or long-term cover.

Yemen

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Zambia

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	Case by case	Contact us	Contact us	Two

For cash or short term cover we would expect payments to be secured by an irrevocable letter of credit or equivalent security.

For medium or long term cover we can only consider providing support for foreign exchange-earning projects.

Subject to sustainable lending criteria.

Zimbabwe

	Market risk appetite	Cash or short term cover	Medium or long term cover	Consensus category
Cover policy	We are not able to offer any cover	No	No	Not applicable

Definitions

Care on location

Those countries where there may be regional, ethnic or religious tensions, border disputes/conflict with neighbouring countries which may give rise to additional risks depending on where projects are located. We will need to take into account the location of the project in deciding whether or not support can be provided.

Cash or Short Term Cover

Where the duration of the contract is less than 2 years, UKEF cannot support exports to European Union countries, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the United States of America because of obligations arising under UK international Trade Agreements.

Consensus category (used in the cover indicator table)

Countries are classified under the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits which determines the maximum repayment terms.

Category One - maximum credit period is normally 8.5 years

Category Two - maximum credit period is normally 10 years

However, longer maximum repayment terms may be considered for large civil aircraft, nuclear and non-nuclear power stations, ships, renewable energies and water projects and projects where the cashflows generated will be used to repay the export credit loans.

Foreign exchange-earning projects

Projects which earn foreign exchange income. In certain circumstances it may be possible to provide support for such projects in countries where UKEF cover is not normally available.

Horizon of risk

The total length of time UKEF could be at risk for a contract. This is usually the total period from date of contract to final payment under that contract.

Letters of credit

A letter of credit is an undertaking by a bank to make a payment to a named beneficiary within a specified time, against the presentation of documents which comply strictly with the terms of the letter of credit. There are different types of letter of credit including irrevocable letter of credit (ILC) and confirmed irrevocable letter of credit (CILC).

Market risk appetite

The total amount of risk exposure we would be willing to support for new business in a particular country or territory. For foreign exchange earning projects with robust financing structures and strong risk mitigants, UKEF may be able to exceed the market risk appetite specified. We make these decisions on a case by case basis.

Medium or long term cover

Where the credit terms are longer than 2 years.

Public or private sector

The status of an entity. Public sector entities are usually government departments, or organisations owned by the State. Private sector entities are businesses owned by private individuals or organisations.

Sustainable lending

For certain poor countries we can only support exports and investments which meet sustainable lending criteria. The export or investment must be expected to assist in the social and economic development of the country or territory, without adversely affecting its underlying debt sustainability position.

Premium indicator

Use our premium indicator tool to obtain an indicative premium rate for medium or long-term transactions, where UKEF will be supporting a contract with an overseas sovereign buyer as the risk entity.

Published 28 April 2013
Last updated 513 March 2024 + show all updates

13 March 2024
Market risk appetite for Turkey updated to £250 million to £500 million.

5 March 2024
St Vincent and the Grenadines MRA changed.
6 February 2024
Change to market risk appetite for Bolivia.
2 February 2024
Paragraph under Cameroon removed: ‘In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction.’
2 February 2024
‘Subject to sustainable lending criteria’ for Cameroon removed.
5 January 2024
Updates to the market risk appetite for Albania, Algeria, Andorra, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Belgium, Bermuda, Bhutan, Botswana, Brazil, Brunei Darussalam, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Dominican Republic, Dubai, Estonia, Fiji, Finland, France, Georgia, Germany, Greece, Guatemala, Guyana, Hong Kong, Hungary, Iceland, India, Ireland, Israel, Italy, Japan, Kazakhstan, South Korea, , Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, North Macedonia, Malaysia, Malta, Mauritius, Mexico, Mongolia, Montenegro, Morocco, Netherlands, New Zealand, Norway, Oman, Panama, Paraguay, Peru, Philippines, Portugal, Romania, Saudi Arabia, Serbia, Singapore, Slovakia, Slovenia, South Africa, Spain, Eswatini, Sweden, Switzerland, Taiwan, Thailand, Trinidad and Tobago, Turkey, Uganda, United Arab Emirates, United States, Uruguay, Vietnam.
9 October 2023
Barbados details changed.
2 October 2023
Oman banding changed from £2bn to £3bn to £1bn to £2b.
5 September 2023
Market risk appetite for Oman increased to £2 billion to £3 billion.
1 August 2023
Local currency financing no longer available for Croatia.
27 July 2023
- Turkey MRA updated - Text added to Comoros - Text removed from Haiti and Gambia
8 June 2023
Changes for Nigeria made.
25 May 2023
Bolivia banding updated.
3 May 2023
MRA for Brazil, Poland and Uganda updated.
28 April 2023
Text removed from Sudan.
12 April 2023
Changes to the following countries: Azerbaiajn Bangladesh Bosnia and Herzegovina Cote d'Ivoire Dominican Republic Honduras Jordan Macedonia Mongolia South Africa Turkmenistan
5 April 2023
Changes to Costa Rica and Guatemala
24 March 2023
Afghanistan and Comoros updated.
24 March 2023
Albanian country cover
22 March 2023
Ghana change
15 March 2023
Changes to the following countries: - Egypt - Indonesia - Poland - Turkey
14 February 2023
MRA for Pakistan updated.
27 January 2023
Changes to Bolivia and Mali.
18 January 2023
Market risk appetite for Indonesia updated.
1 December 2022
Change to Ghana and Niger.
29 November 2022
Banding changes for the following countries: - Andorra - Dubai - Jordan - Mauritius - Togo - Turks and Caicos Islands
24 November 2022
Changes made to Antigua and Barbuda
11 November 2022
Tunisia MRA changed to case by case.
2 November 2022
Updated the market risk appetite for USA
24 October 2022
Removed the word 'confirmed' from the Angola copy. Added a further sentence to the Ghana copy.
18 October 2022
The Market Risk Appetite column for Angola has changed to 'contact us', given that our available MRA in the country is low.
2 September 2022
Sri lanka cover updated
2 September 2022
Cover for Sri Lanka updated.
30 August 2022
Cover for Kosovo has been updated.
15 August 2022
Market risk appetite for Angola updated.
3 August 2022
MRA for Saudi Arabia updated.
20 June 2022
Cover policy for Cote D'Ivoire updated.
17 May 2022
Edited to reflect change in coverage for South Sudan. "In view of the IMF and/or World Bank zero non-concessional borrowing limit for this country UKEF is unable to provide medium or long term cover for sovereign or public buyer/borrowers unless the IMF and/or World Bank grant the authorities a waiver for the transaction" has been removed.
11 May 2022
Burkina Faso cover position changed
21 April 2022
Cameroon updated to reflect updates to sustainable lending.
12 April 2022
Updated cover details for El Salvador
31 March 2022
Cash or short term cover information updated for European Union countries, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the United States of America due obligations arising under UK international Trade Agreements.
16 March 2022
Market risk appetite for Turkey updated to £250 million to £500 million.
15 March 2022
Changes to Belarus and Russia to reflect changes in cover
4 March 2022
Changes to Burundi, Congo DR, Papa New Guinea, Vanuatu and Zambia to reflect updates to sustainable lending and changes to cover position.
25 February 2022
Market risk appetite for Ukraine updated to Contact Us.
13 December 2021
Market risk apetite for Ukraine updated to £1 billion to £2 billion.
2 March 2021
Myanmar cover is no longer available.
16 February 2021
Market risk appetite in Ghana changed to £500 million - £750 million.
29 July 2020
Changes made to reflect UKEF’s updated Exposure Management Framework.
31 March 2020
Updated to reflect support for credit insurance business with a horizon of risk of less than 24 months in the EU, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the USA.
17 August 2018
Updated MRA guidelines
23 February 2018
Updated to include details of UKEF's sovereign premium indicator tool.
27 April 2017
Updated country cover policies for Oman, Saudi Arabia and Dominican Republic
1 October 2015
Updated to reflect latest cover position
3 September 2015
Country cover indicators updated
23 October 2014
Change to the market risk appetite for Venezuela
28 April 2013
First published.

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