In the 2010 financial year the Australian Government’s export credit agency, Export Finance and Insurance Corporation (EFIC), helped Australian exporters with over $5.9 billion of assistance.
EFIC helped navigate difficult markets through the highest level of signings and the largest volume of exports supported for over 10 years, it claims.
EFIC’s 2010 Annual Report, tabled in parliament yesterday, reports that EFIC supported exports and overseas investments worth over $5.9 billion through facilities of $971.3 million.
“In a year when Australian businesses faced continuing economic and financial uncertainty, this strong result reflects an increased effort to deliver on our mission: to help Australian exporters overcome financial barriers,” said EFIC’s CEO and managing director, Angus Armour.
The results were underpinned by a profit on EFIC’s Commercial Account of $38.3 million.
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.