UK Export Finance signs £750m deal with GE Aerospace to back Prestwick engine overhaul facility
Why It MattersThe deal signals continued government-backed investment in UK engine MRO capacity, potentially strengthening the country's competitiveness in commercial aircraft overhaul services.
UK Export Finance (UKEF) and GE Aerospace signed a £750 million financing agreement at the Farnborough International Airshow to support engine maintenance, repair and overhaul work at GE Aerospace's facilities in Prestwick, Scotland, and in Wales. The five-year agreement makes up to £750 million of UK Government-backed financing available to qualifying airline customers, allowing them to access funding for engine overhaul work carried out at the two sites, with the aim of attracting more business, supporting skilled jobs and benefiting the wider supply chains. GE Aerospace's Prestwick facility is a significant part of Ayrshire's aerospace industry, specialising in maintenance, repair and overhaul of commercial aircraft engines.
Alan Gemmell, Member of Parliament for Central Ayrshire, called the agreement "a significant vote of confidence in GE Aerospace's operation here in Prestwick," adding that it would make it easier for airlines worldwide to bring engine overhaul work to the site, supporting the existing workforce and future opportunities. Rahul Ghai, CFO at GE Aerospace, said the programme "provides airlines with a faster, more reliable way to manage investments in engine overhauls," and expressed satisfaction at partnering with UKEF on a solution supporting customers and strengthening UK operations.
