The Singapore government is amending its Enterprise Financing Scheme (EFS) as it seeks to lend a hand to businesses expanding overseas. The EFS will bring Enterprise Singapore’s (ESG) financing schemes under a unified system.

Senior minister for trade and industry Chee Hong Tat revealed that ESG will increase the maximum insurance coverage for overseas project financing under EFS to SG$50 million, and the maximum tenure will also be extended to 15 years, reported Singapore Business Review.

Additionally, ESG will support companies expanding abroad through mergers and acquisitions (M&A), by providing a higher maximum loan cover of SG$50 million, which will allow firms to build capabilities quicker.

ESG lent support to over 570 internationalisation-related projects in 2018, or 25% higher than its 2017 figure.

“The government will support a higher risk-share for loans to young enterprises under EFS, for both domestic and international projects,” said Chee. “We will also provide a higher risk-share for enterprises venturing into challenging markets, as they do face higher hurdles in obtaining financing.”

Chee added that ESG added eight new new partners to its Plug & Play Network, which recently expanded to two new markets – the UAE and Cambodia.