Northern Australia Infrastructure Facility is extended by a further five years

The Northern Australia Infrastructure Facility (NAIF) will make further significant investment into the North after being granted a five year extension by the Commonwealth Government.

NAIF’s original mandate – to provide loans to infrastructure which helps unlock the potential of the nation’s north – was due to expire by 30 June 2021 but following a Statutory Review, the Minister for Resources, Water and Northern Australia, Keith Pitt, has extended its term to 30 June 2026.

Since starting operations in August 2016, NAIF’s total loans towards a range of diverse projects stand at $2.1 billion to support projects across a wide range of sectors including ports, airports, agriculture, mining and social infrastructure.

The extension means NAIF will be a key pillar in the Government’s refreshed focus on Northern Australia economic development, to be unveiled later this year along with changes to NAIF’s mandate.

NAIF CEO Chris Wade said: “We are delighted to be given our extension which will allow us deliver more investment into the region and play a critical role in the Government’s broader agenda on economic development in the north.

“We see NAIF as being a key partner in the development of Northern Australia – whether through loans to new projects, working with our existing financing partners or bringing together stakeholders to develop totally new initiatives. At such a critical time for economic development, we look forward to NAIF being a key contributor to economic growth and job creation in Northern Australia in the coming years.”

The Cairns-headquartered NAIF has approved loans into northern Australia worth more than $1.2 billion since July 2019.