The Minister for Trade and Investment, The Hon Andrew Robb AO MP, has provided Efic with a new Statement of Expectations and the Efic Board has responded with its Statement of Intent. These statements express and formalise the Minister’s expectations of Efic and the Board’s intention to meet these expectations.
The main change to Efic’s previous Statement of Expectations is an explicit expectation that Efic focus on assisting SMEs seeking to expand into overseas markets.
Efic will also no longer support resource projects located in Australia (and related infrastructure), but continue to support resource projects overseas, as long as the project has significant Australian content, including through SME participation.
New transparency measures and procedures on the provision of multiple financing facilities to the same company will also be implemented.
“The new Statement of Expectations and Statement of Intent make it clear that Efic’s focus is on providing financial solutions to exporting SMEs and those SMEs in an export supply chain”, said Andrew Hunter, Efic’s Managing Director.