UKEF have signed a first-of-its-kind financing framework with GE Aerospace worth £750 million, over five years.
- UKEF will support financing for airlines seeking engine repairs at GE Aerospace's sites in Wales and Scotland, backing regional supply chains and jobs
At the Farnborough International Airshow (Monday 20 July), UK Export Finance (UKEF) and GE Aerospace signed a Memorandum of Understanding (MoU) outlining a brand-new financing framework to support airline engine maintenance at GE Aerospace sites in Wales and Scotland.
As first announced last week, the agreement, worth £750 million ($1 billion), will make the UKEF-supported financing available to qualifying customers over a five-year period.
The partnership between UKEF and GE Aerospace means that airlines can now apply for financing for 'engine shop visits' - the overhaul and maintenance work carried out on commercial aircraft engines.
The signed financing framework also reflects UKEF's wider commitment to supporting businesses that drive growth across all regions of the UK. GE Aerospace's Wales and Scotland sites employ more than 2,000 people, and local businesses and supply chains will continue to benefit tangibly from this deal.
Tim Reid, CEO at UK Export Finance, said:
This landmark framework shows how UKEF can work in partnership with industry leaders such as GE Aerospace, to unlock practical solutions for global customers. We are backing GE Aerospace's world-class sites in Wales and Scotland, strengthening the UK's position in the global aerospace supply chain, while also supporting substantial economic growth and job creation on a local level.
The new framework will give airline customers faster, more predictable access to financing for engine maintenance, carried out at GE Aerospace's Maintenance, Repair and Overhaul facilities in Wales and Scotland.
Establishing a new financing solution, airline customers will benefit from a streamlined process that removes the delays associated with ad-hoc financing arrangements; clear, upfront guidance on how much financing is available for overhauls carried out at GE Aerospace's UK sites, and; multi-year financing approved in advance, helping airlines to plan engine overhauls around their operational needs.
Rahul Ghai, CFO at GE Aerospace, said:
This new programme provides airlines with a faster, more reliable way to manage investments in engine overhauls. We are pleased to partner with UKEF on a solution that supports our customers by keeping their fleet flying and strengthens our UK operations.
In 2025, GE Aerospace also announced a £14.2 million investment at its Wales site over three years, to improve infrastructure and maintain its position as a leading facility for global commercial fleet support.
Aerospace is a high-value sector built on UK strengths in engineering, research and development and complex supply chains. The government aims to strengthen UK competitiveness while helping the sector transition towards clean energy.
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