Document ID: chunk:federal_register_of_legislation:F2023L01671:clause:2_13
Version: federal_register_of_legislation:F2023L01671
Segment Type: clause
Provision Reference: sch 2 cl 13
Character Range: 14092–15497

13  Direct funding
 (1) The Facility will seek to provide financial assistance primarily through grants of financial assistance to a State.
 (2) The Facility may, as a funder of last resort, choose to provide financial assistance to an entity other than a State in accordance with subsection 7(1A) of the Act (direct assistance).
 (3) The Facility must consult the Department as soon as practicable on any Investment Proposal which might result in a decision by the Facility to provide direct assistance.
 (4) The Facility must not provide direct assistance in relation to a Project in one or more States on a concessional basis.
 (5) The Facility may only provide direct assistance if all of the following criteria are met:
 (a) for Projects in one or more States—that State or those States support the proposed direct assistance;
 (b) the Facility has consulted the responsible Ministers on the proposal to provide direct assistance, and the Facility has considered the views of those Ministers;
 (c) the Facility is satisfied the potential returns and benefits of providing the direct assistance significantly outweigh the costs and risks of doing so;
 (d) the Facility is satisfied there is no reasonable prospect of the Project proceeding in any form unless direct assistance is provided.
 (6) To avoid doubt, this section does not apply to Projects that are solely in the Indian Ocean Territories.