LONDON (Reuters) -A British government agency is providing a 1 billion pound export development guarantee to the UK arm of U.S. carmaker Ford, supporting the company's long-term growth targets around the world.

"This £1 billion loan guarantee is a major boost for Britain's auto sector. It will help develop world-leading products, open new export markets, and secure jobs," finance minister Rachel Reeves said in the statement released by UK Export Finance (UKEF).