Service Level Agreement
NAIF has a dedicated team of its own staff and is supported in its day-to-day operations through a Service Level Agreement (SLA) with the Export Finance and Insurance Corporate (Efic). The SLA is for a term which extends until the last NAIF loan is expected to be repaid.
Efic has been in operation for over 60 years and has approximately 100 staff. Like NAIF, Efic is a Corporate Commonwealth Entity under the PGPA Act. Efic is an experienced financier with expertise in managing large and complex lending transactions.
NAIF has the flexibility under the SLA to use Efic to provide services, to use its own resources or access other resources as required.
The services provided by Efic to the NAIF, and provided for under the SLA, fall into two broad categories:
- Transaction due diligence, environment and technical review, credit assessment, and loan management; and
- Corporate and administrative services (including legal, compliance, financial management and reporting, human resources, information technology and communications, property management).
Efic also assists NAIF in managing its arrangements with the States and Territory.
Under the SLA, NAIF can access resources from Efic on an as needs basis. This allows NAIF to be responsive and agile in managing its resources to efficiently and effectively meet business and proponent needs. It also means that since NAIF was established it has been able to leverage the resources, policies and procedures of Efic (and other similar Government agencies) to support it in the framing of its own best practice governance framework.
The SLA arrangements ensure an efficient use of existing Commonwealth resources, reducing the duplication of ‘back-office’ resourcing requirements across government entities.