A guarantee from UK Export Finance (UKEF) has provided Northern Ireland-based bus manufacturer Wrightbus with £50 million in financing to support its export strategy.
The Export Development Guarantee sees the UK’s export credit agency guarantee 80 per cent of the loan from Barclays Bank.
The financing will enable Wrightbus to deliver orders to new markets, such as Germany and North America, as well as additional orders in existing markets, like Singapore and Hong Kong.
Last week the Minister for Investment Lord Johnson, visited Wrightbus’ site in Ballymena, County Antrim, when meeting with investors and leading businesses ahead of the Northern Ireland Investment Summit later in the year.
Lord Johnson noted, “UK Export Finance support for Wrightbus will be a great boost to its exporting journey, helping the company to create more local growth and jobs.”
Last month, Wrightbus was awarded funding from the Advanced Propulsion Centre (APC) to develop battery and fuel-cell technology for multi-axle vehicles.
Wrightbus was one of seven UK-based automotive collaborative research and development projects to benefit from the investment fund total of £77 million.