The loan will assist Ford’s operations in developing products, including cleaner engines and electric power units while supporting thousands of jobs.
UKEF is guaranteeing 80% of the £1 billion loan provided by Citi and a syndicate of lenders.
Ford has invested heavily into EV development in recent years, including a £380 million transformation of its Halewood manufacturing plant from producing transmissions to electric motors for iconic vehicles like the Ford Transit van and Ford Puma.
Chancellor Rachel Reeves said: “Ford has been the pride of Essex since 1911, over a century of innovation and industry. The R&D centre in Basildon employs thousands of people in well-paid, highly skilled jobs.
“This £1 billion loan guarantee is a major boost for Britain’s auto sector. It will help develop world-leading products, open new export markets, and secure jobs. This is our Plan for Change in action – delivering growth and putting more money in people’s pockets.”
This is the third export development guarantee awarded by UKEF to Ford, taking total financing to almost £2.4 billion since 2020.
