ANNOUNCEMENT 17 Mar 2014In March 2014, the government of Australia announced a change in its trade finance instruments.
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EFIC supports Australian companies through Escondida loan
According to an official press release of 17 March 2014, Australia's export credit agency, Export Finance and Insurance Corporation (EFIC), has supported the participation of Australian service providers and suppliers at the Escondida copper mine in Chile.
Concretely, EFIC has provided a US$100 million loan for construction works to the owner of Minera Escondida Limitada (MEL). In the contract terms, EFIC has introduced the obligation to use the funds for supply contracts with Australian contracts for a range of engineering and construction services.
The trade-promoting intention is also evident in the accompanying statement by Peter Field, EFIC Executive Director. 'We are very pleased to be supporting a large number of Australian companies by providing finance to the project linked to Australian exports. '...' This development underlines EFIC's commitment to support Australian companies involved in export-related contracts."