UK Govt Gives Euro 900k to IT Company for Africa Expansion
Posted on : Friday, 23rd December 2022
UK Export Finance has provided £900,000 of support to Atlancis, a Kenyan cloud services company, enabling it to build a new relationship with UK exporter Vespertec to open growth opportunities in Africa.
A Standard Buyer Loan Guarantee was offered by UK Export Finance to guarantee an export credit loan from Apple Bank, supported by its UK servicer and arranger of the deal AF Capital. Both AF Capital and Apple Bank specialise in export credit debt.
Launched in February 2021, the Standard Buyer Loan Guarantee allows UK Export Finance to guarantee a loan of up to 85 percent of a contract value, ensuring UK exporters get paid upfront and their buyers benefit from flexible repayment terms. The deal was brokered through UK Export Finances international export finance executive who supports deals across East Africa.
Based in Stockport, Cheshire, Vespertec is a well-known provider of server, network, and storage solutions for the data centre and technology industries. With its in-house logistics capabilities, it deploys the full spectrum of IT hardware solutions around the world and, with a turnover in excess of Euro 20 million, nearly half of its business is driven by exports. With a number of deals in the pipeline, its partnership with Atlancis is expected to see Vespertec’s cloud hardware and software deployed across several sectors, including telecommunications, health and fintech.
UK businesses, like Vespertec, are helping to advance the digitalisation of industries, creating more opportunities and fuelling growth across African economies.
