Utility firm will help to power Angola

Paisley-based utility firm IQA is powering on to upgrade two power substations in Angola thanks to support from Government body UKEF.

IQA says the morethan-£60million project will have a transformative effect on the region’s power network, giving thousands of capital city Luanda’s residents, as well as industry in the region, improved access to electricity to support economic growth and development.

Antonio Henarejos, managing director of the IQA Group, said:“IQA Group has ambitious plans for international growth, building on our success in the UK, and we’re pleased that UKEF, along with the DIT (Department for International Development) team at the British Embassy in Luanda, is supporting us as we enter new markets.

“Support from UK Export Finance is a central part of our international offer, and is supporting our operations and jobs in Scotland.”

UKEF’s annual report and accounts show the department has had a landmark year, providing £6.8 billion in support for UK exports, a record since 1991.

Analysis shows that these exports have supported an estimated 47,000 UK full time jobs as demand for British goods across the globe continues to grow.

Liam Fox MP, Secretary of State for International Trade, said:“Over the course of the last 100 years UK Export Finance has led the way in delivering innovative finance to help British companies achieve international success across a wide range of industries across the world.

“I am delighted UKEF is marking its centenary with a record year, and as it continues into its second century is supporting not only the UK’s exporters, which are growing in number all the time, but also transformational projects which have a direct impact on the lives of citizens across the globe.”

The report reveals that UKEF has supported 181 companies’exports to 72 countries, of which 79 per cent of these companies were SMEs.

A further 81 UK companies secured business by supplying to a project supported by UKEF.