Export Finance and Insurance Corporation
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|Formed||1 November 1991|
|Jurisdiction||Commonwealth of Australia|
|Annual budget||A$38.6 million (2006)|
|Parent agency||Department of Foreign Affairs and Trade|
The Export Finance and Insurance Corporation (Efic) is Australia’s export credit agency and has carried out its role within various statutory frameworks since 1957. Efic was established in its current form on 1 November 1991 under the Export Finance and Insurance Corporation Act 1991 (Cth) (the EFIC Act) as a statutory corporation wholly owned by the Commonwealth of Australia.
Efic’s role is to support the growth of Australian companies in their international activities by providing tailored financial solutions when the private market faces constraints.
As the Australian Government’s export credit agency, it helps Australian-based businesses to win and finance export, offshore investment and onshore export-related opportunities when their bank is unable to provide all the support they need.
Efic helped over 110 SMEs with 191 transactions totalling $155 million in 2015-16.
Efic has over 50 years of export finance and industry expertise, contacts at financial institutions around the globe, the strength of the Australian government's AAA credit rating and an entrepreneurial business approach.
It practises responsible lending and uphold social and environmental best practice in the transactions they support and ensures that all transactions are subject to due diligence before being approved.
Efic reports to The Hon. Steve Ciobo MP as Australia's Minister for Trade, Tourism and Investment. EFIC is part of the Department of Foreign Affairs and Trade.
- Export Finance and Insurance Corporation official website