Commonwealth Consolidated Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1991 - SECT 7

             (1)  The functions of EFIC are as follows:

                     (a)  to facilitate and encourage Australian export trade by providing insurance and financial services and products to persons involved directly or indirectly in such trade;

                     (b)  to encourage banks, and other financial institutions, carrying on business in Australia to finance, or assist in financing, export contracts or eligible export transactions;

                     (c)  in relation to overseas aid projects that involve the making of payments under export contracts out of money made available by the Commonwealth or a Commonwealth instrumentality, on behalf of the Commonwealth or that instrumentality, as the case may be:

                              (i)  to manage the application of money made available by the Commonwealth or the Commonwealth instrumentality; and

                             (ii)  to ensure that payments under those contracts are properly authorised; and

                            (iii)  to attend to payments out of that money;

                     (d)  to provide information and advice to any person regarding insurance or financial arrangements available to support Australian export trade;

                     (e)  to do any other act or thing required by or under this or any other Act to be done by EFIC.

             (2)  For the purposes of paragraph (1)(c), an overseas aid project is a project under which the Commonwealth, or an instrumentality of the Commonwealth, proposes to provide funds to assist in the social and economic development of a foreign country.