ANNOUNCEMENT 26 Sep 2019
The Australian government-funded Northern Australia Infrastructure Facility (NAIF) has announced the approval of a loan to Signature Onfarm Pty Ltd.
NUMBER OF INTERVENTIONS
Northern Australia Infrastructure Facility. Media Releases Archive. "NAIF approves funding to support beef industry with first project in Central Queensland" Available at: https://naif.gov.au/media-releases/naif-approves-funding-to-support-beef-industry-with-first-project-in-central-queensland/
On 26 September 2019, the Australian government-funded Northern Australia Infrastructure Facility (NAIF) has announced the approval of a loan of up to AUD 25 million (circa USD 16.9 million at the time of the announcement) to Signature Onfarm Pty Ltd to build specialist beef processing and on-site training facility in Central Queensland.
The resources will be used to finance the construction of slaughter and boning facilities, allowing local cattle producers to process cattle at an abattoir located closer to their farm reducing production costs.
The total costs of the project are estimated at AUD 37 million (circa USD 25 million) and it is expected that the project will create 200 construction jobs and another 70 ongoing jobs while reducing freight costs and facilitate exports.
Northern Australia Infrastructure Facility (NAIF)
NAIF is an AUD 5 billion lending facility created by the Australian Government to finance infrastructure projects located in northern Australia or with significant impact for that region, and that are of public benefit and engage the indigenous people.
The loans provided by NAIF have a lower interest rate than commercial lenders and borrowing tenors of up to 30 years.