Export Finance and Insurance Corporation

Export Finance and Insurance Corporation
Agency overview
Formed	1 November 1991
Jurisdiction	Commonwealth of Australia
Employees	70
Annual budget	A$38.6 million (2006)
Agency executives	Angus Armour, Managing Director Stuart Neilson, Chief Financial Officer
Parent agency	Department of Foreign Affairs and Trade
Website
www.efic.gov.au

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.

The EFIC Act charges EFIC with undertaking four key functions:

to facilitate and encourage Australian export trade by providing insurance and financial 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 Simon Crean MP, Minister for Trade and forms part of the Department of Foreign Affairs and Trade.

External links

Export Finance and Insurance Corporation official website