Export Finance and Insurance Corporation

From Wikipedia, the free encyclopedia

The Export Finance and Incsurance Corporation (EFIC) is Australia’s Export Credit Agency (ECA) 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.

The EFIC Act charges EFIC with undertaking four key functions:

to facilitate and encourage Australian export trade by providing insurance and fi nancial services and products to persons involved directly or indirectly in export trade;
to encourage banks and other financial institutions in Australia to finance or assist in financing exports;
to manage the Australian Government’s aid supported mixed credit program (a facility which has now been discontinued, although loans are still outstanding under it); and
to provide information and advice regarding insurance and financial arrangements to support

Australian exports.

EFIC reports to The Hon Mark Vaile MP, Minister for Trade and forms part of the Department of Foreign Affairs and Trade.