The Export Finance and Insurance Corporation (EFIC) provided more than $576 million in extra finance for exporters in the 2008/09 financial year, an increase of 56 percent, according to EFIC’s 2008-2009 Annual Report, tabled in Parliament yesterday.
The government credit agency supported more than $1.3 billion in exports and offshore investment over its 26 facilities, which includes loans, bonds, guarantees and working capital assistance.
“We are increasing our capabilities within our existing mandate so we can support a wider range of transactions – by revising our current services and exploring new ones,” said Angus Armour, EFIC chief executive and managing director.
He said global economic recovery would be unlikely to reduce demand for EFIC’s facilities, citing continuing need for credit: “Despite signs of a modest recovery in the world economy and an easing of the financial crisis, markets are still uncertain and credit will remain tight. As a result, we anticipate increased opportunities for EFIC to support Australian companies in 2009-10 and beyond.”
