OTTAWA — The British government is looking to back investments in Canadian projects—including nuclear energy—through its export credit agency, which helps firms secure financing so long as 20 per cent of their procurement comes from the United Kingdom.

U.K. Export Finance (UKEF) has been around for more than a century, but set up shop in Canada just last fall. Ozgur Kutay, a former executive for Citibank in the Middle East, was appointed to represent the agency in Toronto.

“Canada comes out as an interesting market for us,” Kutay said in an interview with The Logic, in part because of “the links between the U.K. businesses and Canadian businesses, particularly in the areas of clean growth.” The agency, which provided £8.8 billion in financial support to British exporters in 2023-24, has been focusing on renewables and clean tech in recent years, although Kutay describes it as “sector agnostic.” He listed batteries, transportation, critical minerals, financial services and carbon-neutral energy as areas to explore in Canada.

The British agency has indirectly supported Canadian business before, including by linking up with Export Development Canada when Bombardier built part of its C Series aircraft in Northern Ireland. Its decision to send an envoy to Canada comes as the two countries work to strengthen ties amid the global trade war launched by U.S. President Donald Trump, which could revive stalled talks on a bilateral trade agreement.

Liberal Leader Mark Carney, in his capacity as prime minister, spoke on Sunday with his British counterpart, Keir Starmer. Readouts from both their offices noted they spoke of the need to enhance trading relationships with allies.

The British government has had a policy since 2021 restricting most financial support for the oil and gas sector outside its own borders, so the pipeline projects being discussed in Canada’s election campaign are off the table for UKEF. Nuclear energy, however, is an area the agency is keen on.

“I think where we really see the opportunity for alignment is in civil nuclear,” said Emma Thomas, the co-head of global business origination at UKEF, who joined Kutay in the interview. The U.K. and Canada have similar domestic policies, but can offer each other new insights, she said. “So that will definitely be a big area of focus for both countries.”

Surbhi Bir, a Toronto-based spokesperson for the British Department for Business and Trade, wrote in a follow-up email this week that the agency is still at “very early stages,” but pointed to other signs of co-operation between the nuclear industries on both sides of the pond. Next Monday, the Canadian Nuclear Association and the U.K.’s National Skills Academy for Nuclear will sign a memorandum of understanding to address the growing demand for skilled professionals in the nuclear industry. She said they are expecting new opportunities from that.

George Christidis, interim CEO of the Canadian Nuclear Association, said the industries in both countries are facing important moments. The U.K. has been working to rebuild its nuclear capacity as part of broader efforts to reduce energy reliance on Russia following the 2022 invasion of Ukraine, as well as the shift away from coal. Canada has been looking to build small modular reactors to help meet growing energy needs. “We’re learning from them, and they’re learning from us in this space, and that’s exactly what’s complementing our work,” he said.

Learning from each other is also considered a pathway to financing. The UKEF can back a project if at least 20 per cent of its procurement comes from the U.K, but that definition goes beyond supplies and equipment. Kutay said it also includes services such as consulting, engineering, design, licences and patents, and other things related to intellectual property.

The 20 per cent threshold does not have to be met before talks can begin. “We find that with the right support, a huge range of projects can develop a procurement mix of at least 20 per cent U.K. content thanks to the varied expertise which British suppliers can bring,” Bir wrote. “And getting businesses to this point where they are then eligible for our finance is one of the key things which we do.”