EFIC supports GRM International with an A$10 million bonding facility
Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, has provided an A$10 million bonding facility to GRM International to support the Brisbane-based company’s international development projects.
GRM provides project management services and technical assistance across a wide range of sectors, with a focus on social infrastructure in developing countries. The company has grown significantly in recent years and aims to increase its presence in the Middle East and North Africa.
The one-year revolving facility enables GRM to request that EFIC provide advance payment and performance bonds on its behalf or for certain group companies.
The first bond issued under the facility supports GRM’s contract with the Abu Dhabi Food Control Authority, worth around A$7 million, to establish and manage a farmers’ association in the emirate’s Western Region. EFIC’s bonding facility supported the issue of an advance payment bond worth UAE Dhs 13.5 million (approximately A$4 million) required by the contract.
‘EFIC’s bonding facility gives us additional confidence to compete for large international contracts and is helping us pursue our growth strategy by freeing up our working capital’, said GRM’s managing director Kim Bredhauer. ‘The flexibility of the EFIC facility will allow us to access bonds for a variety of projects over the coming year.’
‘EFIC is delighted to establish this new partnership with GRM, which has an impressive track record of managing aid projects for almost 40 years in over 120 countries’, said Andrea Govaert, EFIC’s executive director for SMEs. ‘EFIC’s bonding facilities help Australian companies like GRM compete more effectively in global markets.’
GRM’s clients include national aid agencies, the European Commission, multilateral development banks and government authorities.