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The export credit agency of the United Kingdom, UK Export Finance (UKEF) has recently more than doubled its capacity for Bangladesh to £2.5 billion ($3.2 billion).

This move is expected to boost trade partnerships between the two countries and help unleash Bangladesh's growth potential.

This will be on top of the UK government's support for economic development in Bangladesh through the UK Aid, CDC Group, and share in International Finance Institutions' investments in Bangladesh.

The British High Commissioner to Bangladesh Robert Chatterton Dickson has welcomed the UKEF announcement and wider economic and commercial partnerships between the UK and Bangladesh, said a press release issued by the UK High Commission in Dhaka.

"More than 200% increase in the UKEF's capacity for Bangladesh is a great opportunity to expand and diversify the UK-Bangladesh trade and economic relationship," he said.

"Bangladesh is an economic and development success story, with huge potential for further growth as the recovery from Covid-19 gathers pace and new opportunities emerge for greener and more diversified growth. The UKEF's announcement demonstrates the UK's determination to be a partner in that success," he continued.

The additional support will help UK exporters and Bangladeshi buyers get access to finance for projects in the country.

The UK government supports improvement in business climate and infrastructure through the Bangladesh Investment Climate Fund, helping businesses to invest and grow on a sustainable basis in Bangladesh, according to the press release.

The UK's Business Finance for the Poor programme supports the development of an inclusive financial sector, providing low-income households and businesses ways to participate and benefit from growth in Bangladesh.

It is important to highlight that the United Kingdom is Bangladesh's third single largest export partner; the import figure stands at £3.3 billion ($4.2 billion) for 2019. The UK is also the second-largest cumulative investor in Bangladesh with £1.9 billion ($2.4 billion) of investments, said the press release.

The UKEF is the UK's export credit agency and a government department, working alongside the Department for International Trade (DIT) as an integral part of its strategy and operations.

The organisation recently completed a comprehensive review of its country limits, resulting in increases in over 100 markets including Bangladesh.