IN the 2010 financial year the Australian Government’s export credit agency, Export Finance and Insurance Corporation (EFIC), helped Australian exporters navigate difficult markets through the highest level of signings and the largest volume of exports supported for over 10 years.
EFIC’s 2010 Annual Report records that EFIC supported overseas investments worth over $5.9 billion through facili ties of $971.3 million.
“In a year when Australian businesses faced continuing economic and financial uncer tainty, this strong result reflects an increased effort to deliver on our mission: to help Australian exporters overcome financial barriers,” said EFIC’s chief executive officer and managing director, Angus Armour.
EFIC provided facilities including loans, contract bonds and guarantees to support exporters ranging from small companies to major corporates, and their exports to over 40 countries, including US$350 to the Papua New Guinea liqui fied natural gas project.
Armour said that while demand for EFIC’s traditional products remained strong, an important focus during the year was finding further ways to assist small and medium- sized enterprises (SMEs).
“EFIC has reviewed and expanded its product range, and strengthened ties with commercial finance providers so that we’re meeting demand from SMEs and making it easi er for them to find us. With major banks, we re-launched the export working capital guarantee, which is aimed at helping medium-sized busi nesses to finance large export contracts,” Armour said.