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Export Finance Australia: independent review of overseas infrastructure financing powers

Category
Trade and investment

On 4 November 2021, the Government tabled in Parliament an independent review into the operations of Export Finance Australia's (EFA) infrastructure financing powers (the Review).

The Review was conducted by Mr Stephen Sedgwick AO, following a commitment made by Government to assess EFA's new infrastructure financing powers as a result of amendments made in 2019 to the Export Finance and Insurance Corporation Act 1991.

The Review makes 25 findings and details the work done by EFA in implementing its infrastructure financing powers, including putting in place appropriate strategies, policies and procedures. The Review found that seven transactions, with a value of approximately $144 million, would not have proceeded without EFA's new infrastructure financing mandate.

Terms of Reference

The Terms of Reference for the review were:

  • Consider the operation of EFA's overseas infrastructure financing functions and the extent to which it has supported the Government's aims and the infrastructure needs of our Pacific neighbours.
  • Examine the impact of amendments made by items 1, 2, 4 to 9, 11 and 12 of the Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019 (the Bill) on EFA's ability to finance overseas infrastructure projects. Table 1 at Attachment B summarises these amendments.
  • Consider the views of a wide range of stakeholders, including those who provided submissions to the 2019 Senate Committee inquiry into the Bill.
  • Not consider the operations of the Australian Infrastructure Financing Facility for the Pacific.

Documents

Independent review

Public submissions

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