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

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8674

2016-2017-2018-2019

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

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

 

 

(1)     Schedule 1, item 2, page 3 (lines 20 and 23), omit the definition of overseas infrastructure financing , substitute:

overseas infrastructure financing means lending money to support overseas infrastructure development, if EFIC reason ably believes that:

                     (a)  lending the money is likely to result in an Australian benefit; and

                     (b)  the legal, administrative and policy framework that would apply to the overseas infrastructure development is suitable.

Note:          Lending money includes providing finance, or providing a financial accommodation, in any form: see subsection (2).

[overseas infrastructure financing]

(2)     Schedule 1, item 5, page 4 (lines 11 to 18), omit the item, substitute:

5  At the end of section 8

Add:

EFIC’s overseas infrastructure financing functions

             (4)  Subsection (1) and subparagraph (2)(b)(i) do not apply in relation to EFIC’s overseas infrastructure financing functions.

[overseas infrastructure financing functions]