NAIF to fast-track infrastructure investmentWednesday, 18 April 2018
The Australian Government will amend the investment mandate of the Northern Australia Infrastructure Facility (NAIF) to increase its flexibility and improve its potential to support projects in northern Australia.
The changes follow an independent review of the NAIF which confirmed the need to support infrastructure development investment in the north but identified that changes were needed in the way NAIF operated to get more projects underway.
The government's amendments to NAIF’s mandate, announced today by the Minister for Resources and Northern Australia, Matt Canavan, will lift the investment cap on NAIF loans to projects from 50 to up to 100 per cent of the project’s debt.
At the same time the changes preserve requirements to ensure the Australian Government does not take the majority of the financial risk involved in a project.
The amendments will also alter the mandatory criteria on when NAIF financial assistance can be provided and will clarify the definition of ‘infrastructure’ so that it can better support critical projects in both regional and remote areas.
The government’s $5 billion investment in NAIF is a key component of its agenda to develop a stronger northern economy.
There are currently 17 projects in NAIF’s due diligence and execution phases across all three northern jurisdictions—seven in the Northern Territory, five in Western Australia and five in Queensland. NAIF has approved support for one project—up to $16.8 million for the Onslow Marine Support Base in Western Australia.
Read the Minister’s media release.
Visit the NAIF website.