EFIC export finance surpasses A$ 1B mark

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Australia’s Export Finance and Insurance Corporation (EFIC) posted strong results amid ongoing volatility in financial markets, providing a record number of facilities in 2011-12. The year marked the first time EFIC has surpassed the A$1 billion mark in terms of its export finance facilities, with this level supporting exports and overseas investments worth A$4.5 billion. Profit on EFIC’s commercial account in 2011-12 was A$26.8 million, 19.6% ahead of budget, reflecting continued strength of the agency’s risk underwriting and portfolio performance. EFIC CEO, Mr. Angus Armour said that these strong results were delivered in a year of significant volatility marked by an uneven recovery in the global economy and in commercial credit markets and a high Australian Dollar.

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