Eligible infrastructure projects in Western Australian can now apply for funding through the Northern Australia Infrastructure Facility (NAIF), following the State and Federal Government signing a Master Facility Agreement (MFA).
The signed agreement follows the announcement of the NAIF Board’s first investment decision, for the Onslow Marine Support Base in Western Australia.
Minister for Resources and Northern Australia, Matthew Canavan, said the agreement sets out the legal and financial obligations when projects receive funds from the Northern Australia Infrastructure Facility.
“The Federal Government established NAIF to help build infrastructure that will create jobs and grow the economy across Northern Australia,” Mr Canavan said.
Mr Canavan said 140 potential projects are already in the pipeline, with 10 in due diligence and execution, including three in Western Australia.
“Signing the MFA with WA was the final important step in the process that will allow funds to flow from the Northern Australia Infrastructure Facility to these nation-building projects.”
The Onslow project includes a loan of $16.8 million, with the project forecast to contribute $100 million to the economy.
“This was a significant announcement for NAIF, just over a year after its inception, especially considering infrastructure projects typically take up to three years or more to reach financial close,” Mr Canavan said.
Premier of Western Australia, Mark McGowan, said the agreement will assist the ongoing development of the state’s North West.
“The State Government is committed to diversifying the Western Australian economy and creating new jobs, and development in our regional areas will play a critical role in this task,” Mr McGowan said.
Mr McGowan said the agreement does not expose Western Australia to unnecessary financial risk.
“I’m delighted to see a Western Australian project as the first proposal to receive conditional NAIF support, and the State Government will be formally reviewing the Onslow proposal in coming weeks.”