Australia’s export credit agency, EFIC and ANZ have signed a working capital guarantee facility to assist Australian exporters with financing requirements.
The agreement will support the institutions’ exporting clients with overseas contracts and/or investments and subsidiaries who require incremental finance to fill orders.
According to Mark Evans, ANZ global head of trade and supply chain, the working capital guarantee supports financing requirements before and after shipment across a wide range of industries covering both goods and certain services.
EFIC’s executive director of small and medium-sized enterprises, Andrea Govaert adds: “One of the most difficult obstacles for fast-growing small-to-medium-sized exporters is finding the working capital to deliver on their international sales contracts. For example, they may be short of funds to hire more staff, buy raw materials, manufacture their product for export or send their goods or services to the buyer.
“Guarantees issued under the agreement with ANZ will give Australian exporters access to working capital to finance their large export contracts and keep expanding their businesses.”
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