Document ID: chunk:federal_register_of_legislation:C2024C00824:section:7:p1
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 7 (pt 1/2)
Character Range: 20976–24028

7  Functions of EFIC
 (1) The functions of EFIC are as follows:
 (a) to facilitate and encourage Australian export trade by providing insurance and financial services and products to persons involved directly or indirectly in such trade;
 (b) to encourage ADIs, and other financial institutions, carrying on business in Australia to finance, or assist in financing, export contracts or eligible export transactions;
 (c) in relation to overseas aid projects that involve the making of payments under export contracts out of money made available by the Commonwealth or a Commonwealth instrumentality, on behalf of the Commonwealth or that instrumentality, as the case may be:
 (i) to manage the application of money made available by the Commonwealth or the Commonwealth instrumentality; and
 (ii) to ensure that payments under those contracts are properly authorised; and
 (iii) to attend to payments out of that money;
 (d) to provide information and advice to any person regarding insurance or financial arrangements available to support Australian export trade;
 (da) to assist the Northern Australia Infrastructure Facility in the performance of the functions of the Facility;
 (db) as agreed between EFIC and the States and Territories, to provide incidental assistance to the States and Territories in relation to financial arrangements and agreements related to the terms and conditions of grants of financial assistance for the construction of Northern Australia economic infrastructure;
 (dc) as directed by the Minister, to assist Commonwealth entities and Commonwealth companies in performing their functions or achieving their purposes by providing services in relation to financial arrangements and agreements;
 (dd) to engage in overseas infrastructure financing under section 23A;
 (de) to encourage and facilitate overseas infrastructure financing by:
 (i) giving guarantees under section 18A; and
 (ii) encouraging ADIs, and other financial institutions, carrying on business in Australia to engage in, or assist in, overseas infrastructure financing; and
 (iii) providing information and advice to any person regarding overseas infrastructure financing;
 (df) to encourage and facilitate eligible activities that support Australia's economic resilience and security;
 (dg) to encourage and facilitate activities that support the net zero transformation;
 (e) to do any other act or thing required by or under this or any other Act to be done by EFIC.
 (2) For the purposes of paragraph (1)(c), an overseas aid project is a project under which the Commonwealth, or an instrumentality of the Commonwealth, proposes to provide funds to assist in the social and economic development of a foreign country.
 (3) The reference in paragraph (1)(dc) to providing services in relation to financial arrangements and agreements does not include the provision of loans, insurance or guarantees.
Note: The provision of loans includes providing finance, providing a financial accommodation or making an equity investment, in any form: see subsection