Created on: 2017-02-07 12:56:37
Last update: 2017-04-18 12:37:55
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About Export Finance and Insurance Corporation (Efic)
The Export Finance and Insurance Corporation (Efic) is Australia’s export credit agency since 1957. Efic became a statutory corporation in November 1991 under the Export Finance and Insurance Corporation Act. Efic's role is to support the growth of Australian companies in their international activities by providing financial solutions. Efic is part of the Australian Government’s Foreign Affairs and Trade Department.
Efic became an Equator Principles signatory in 2009. BankTrack profiled this financial institution as part of our Equator Principles Track and Chase Project.
Efic is currently considering project finance of a coal mine in the Limpopo provence of South Africa (source Efic).
Level 10 Export House 22 Pitt Street
Andrew Hunter |
|Annual report||Annual report 2015-2016|
Efic is a public government organisation owned by the Commonwealth of Australia.
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Voluntary initiativesExport Finance and Insurance Corporation (Efic) has committed itself to the following voluntary standards:
- Equator Principles
- IFC Performance Standard 1: Assessment and Management of Environmental and Social Risks and Impacts
- OECD Guidelines for Multinational Enterprises
- OECD Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (OECD Common Approaches)
See here for Efic's page on corporate responsibility.
Export Finance and Insurance Corporation (Efic) and the Equator Principles
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. Export Finance and Insurance Corporation (Efic) adopted the Equator Principles in 2009.
Reporting on the Equator Principles
Export Finance and Insurance Corporation (Efic) must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
Export Finance and Insurance Corporation (Efic) is involved in financing the following Equator Principles projects that BankTrack considers controversial.