Efic mandate changes to drive trade and investment

Today I announce changes to the mandate of the Export Finance and Insurance Corporation (Efic).

The changes enable Efic, Australia's official export credit agency, to support a wider range of Australian exporters.

Subject to careful consideration Efic will now be able to support onshore resource projects, and related infrastructure, where there is a demonstrated market gap in the availability of private sector finance.

The changes to the mandate are in response to an increasing number of resource projects in some market segments facing difficulties obtaining private market finance for otherwise viable projects.

The changes will not duplicate Government support to resource projects. Efic will not be able to provide finance for the construction of projects that are partially funded by the Northern Australia Infrastructure Facility.

Efic's mandate changes come after the Efic Amendment (Support for Commonwealth Entities) Bill 2016 passed the Parliament with bipartisan support last week.

The amendments help Efic keep pace with Australia's changing exports by enabling Efic to lend directly to a broader range of small and medium-sized enterprises (SMEs), including tourism operators, online businesses, exporters of intellectual property and other related rights, and businesses engaged in overseas direct investment.

Importantly, the amendments enshrined in legislation a requirement that there is a net increase in Australian jobs within a business applying for Efic financing for overseas direct investment.

The updated mandate and amendments make it easier for Efic to support our exporters, helping create Australian jobs and drive economic growth.