Document ID: chunk:federal_register_of_legislation:C2024C00824:section:8
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 8
Character Range: 24036–25734

8  Primary duties of EFIC
 (1) EFIC is to perform its functions in such a manner as will best assist the development of Australian export trade.
 (2) In performing its functions, EFIC must:
 (a) comply with any directions given under section 9; and
 (b) have regard to:
 (i) the desirability of improving and extending the range of insurance and other financial services and products available (whether from EFIC or otherwise) to persons involved, or likely to be involved, directly or indirectly, in Australian export trade; and
 (ii) the need to provide its services and products as efficiently and economically as possible; and
 (iii) Australia's obligations under international agreements (including the Paris Agreement), and Australia's greenhouse gas emissions reduction targets; and
 (iv) in the case of EFIC's overseas infrastructure financing functions—Australia's commitments under the Statement on International Public Support for the Clean Energy Transition.
 (3) Subsection (1) and subparagraphs (2)(b)(i) and (iii) do not apply in relation to:
 (a) EFIC's Northern Australia economic infrastructure functions; or
 (b) EFIC's Commonwealth entities function.

EFIC's overseas infrastructure financing functions
 (4) EFIC is to perform EFIC's overseas infrastructure financing functions in such a manner as EFIC reasonably believes is likely to result in the maximum Australian benefits.
 (5) Subsection (1) and subparagraph (2)(b)(i) do not apply in relation to EFIC's overseas infrastructure financing functions.

EFIC's national economy and net zero functions
 (6) Subsection (1) and subparagraph (2)(b)(i) do not apply in relation to EFIC's national economy and net zero functions.