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Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019

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2016-2017-2018-2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019

 

 

(1)     Schedule 1, page 4 (after line 10), after item 4, insert:

4A  At the end of section 7

Add:

             (4)  EFIC must not perform a function, or exercise a power, to the extent that the performance of the function or the exercise of the power relates to a project that involves, or would facilitate, the mining and export of thermal coal on a commercial scale.

             (5)  Without limiting subsection (4), EFIC must not perform a function, or exercise a power, to the extent that the performance of the function or the exercise of the power relates to:

                     (a)  providing insurance or financial services or products in relation to a project that involves, or would facilitate, the mining and export of thermal coal on a commercial scale; or

                     (b)  encouraging banks, or other financial institutions, carrying on business in Australia to finance, or assist in financing, export contracts or eligible export transactions in relation to a project that involves, or would facilitate, the mining and export of thermal coal on a commercial scale; or

                     (c)  providing information or advice to any person regarding insurance or financial arrangements available to support the export of thermal coal on a commercial scale.

[EFIC’s functions]