$1 billion in loan approvals for Northern Australia

1 Billion Loan approval awarded northern territory NT western australia WA Queensland QLD

Two recent investment decisions from the Northern Australia Infrastructure Facility (NAIF) has seen its project loan approvals surpass $1 billion.

Federal Minister for Resources and Northern Australia, Matt Canavan, said, “NAIF is announcing two loan investment decisions today that total $200 million and take its total commitment in investment decisions or conditional approvals for infrastructure projects in Northern Australia to $1.18 billion.

Mr Canavan said that NAIF has confirmed approval for a loan of up to $150 million to Northern Territory Airports (NTA) and made an investment decision for a loan of up to $50 million for another project in North Queensland.

“NAIF conditionally approved the loan to NTA in September 2018. It will fund infrastructure projects as part of a $300 million infrastructure expansion package across airport sites in Darwin, Tennant Creek and Alice Springs,” he said.

NAIF investment decisions total $463.98 million, including $98 million to James Cook University, Queensland; $95 million to Sheffield Resources Limited, Western Australia and $27.5 million to Voyages Indigenous Tourism Australia, Northern Territory.

Conditional approvals totalling $725 million include $450 – $516 million to Genex Power and Queensland; $160 million to Amaroo (Verdant), NT.

“This is a terrific achievement and highlights enormous commitment to regional Australia in general and Northern Australia in particular,” Mr Canavan said.

“With the North Queensland project, details of this project currently remain commercial in confidence – while the proponent concludes commercial approvals and negotiations – but I expect to be able to announce details in coming weeks.

“This takes the total value of current NAIF loan commitments from investment decisions and conditional approvals to $1.18 billion, supporting projects with an estimated total capital value of $2.533 billion.”

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