i PTL1;' ASE
CONCESSIONAL ZXPF-2T~ AC C FW
( Statci-.;., nt by the Actin,& 1xri-a I'inictor Xi. In. scr for CK': I: i a
Trade A~ nd MiniatJLGr ffor N~ tional Reources, th, Rt. H-on.
.3 D Aitlony, X. P.)
I '~ Pleased to arnoncc rcw fundinga,, ot
for tha~ op~ ractio-a rf -6he Eyport Fiivmce and Insurance~
Corpo: jLjoja9o ( Ecs xporc finanCa facility w~ hich L; holrld
eb'flZ;. C( tLva opportunities AU~ tZ* l Lm xxcnr Of
capiteAl fo~ ods and assiociatrnd iiervices to w~ in additionpal
To dato, funds for tho facliy have been
provided on concezscional tmsfrom the~ Budget. as lonr, tern
IOnus to LITCd TEhai fundii b-_ c ble~ dcd vith lon
Provid) d * by the trading banko -at ccornxi rcial rates of i~~
wo yicld n overall concossioaa-1 rate of interc.-L diaS.-ied to
aat3-3h tIw Lam~ s bein.-offe-~ cd by over-reas comptitors.
In acCortdance xiLh itr, cvcrridir,, ob~ ectivez_ of
c11cviwi-Budgt savings and restorixLi initiative in
prori. t~ arbas to the ri-CL~ Orp the. Coverrment toc2t
UP %; A'thl Lr. i din., banhl h. s ponisibility of tha~~ bz. k
'~ i~ niQuher irvo1vc_",!., t t. he fu~ iaof Min cu
f~ ciftyon cotiwin~ bauis. / 2
7
2.
71-, talkB with tho bt~ nk uzr rnositive and os cve
The barncs have indicated their wil1in,-noss t. -orvdou
to EFUG to cover po, ' sible nez-1 extport fir-ncc u. n
undertaken by M~ iC, as well as cu: pporting clrrne of
cyistincg excport tenders. Trhis represents a-sizoable growth
in te facility and Will, 1 C-C Suze, b~ e Wlccma nevws to
Australin c-aita. 3 goo-do -xportero.
Under the new arr n-erients0the funda r~ ic by the
banks ill be by waty of dirct loazis to MAC' at oacia
rates of intarest.~ The Goverra-at in turn will provicS. a;
to EFZ* IC a _, rbs"-dy froan the TLuget to enable the Groa~
to on-lend the funds at ititeraio-aally corirjpctitive rat,. z ctf
intercst. The revised arrangemenuts wiAll result in 8giia
Bavings to the Budget wjhile Cflablln, EFIC to provida
con.-csz0ionial finance in ctyport of AustraliLn capital &, oodo1
axports ag appropriato at ani increazted keval. T1he naw Larzcriwents
,:, hoai. d a rwajor contribution towarco the conbitimxed
growth of caiital -ocd& ex-po.-ts froma Australia aid throby
assist. the lonig-term devclupaiot of this irz-o,: t.-nt 2ctor oi
the e~ xport ftmznce faclaity lha bzer-a Instruzc.. nt 2 ka
obtairilra firm business of the ore of $ Zzover tho
12 months-e'ad 04Lnoith-i new anres il
clear Lhe ivay fo.-conniider&,-ion of export firuance zplicaions
* involvin-the provision of concessionz-1 finvze & ouTh to
CcLinerr, A. C. T.
July,, 1976 76/ 40*