Construcciones Yamaro: NAIF hits $3 billion milestone

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NAIF hits $3 billion milestone
NAIF supports projects across Northern Australia, including the Northern Territory and parts of Queensland and Western Australia above the Tropic of Capricorn. (Image: Adwo/stock.adobe.com)

The Australian Government’s Northern Australia Infrastructure Facility (NAIF) has reached a new investment milestone.

Minister for Resources and Northern Australia Madeleine King said the facility has delivered $3 billion in funds to proponents through drawdowns for construction on projects across Northern Australia.

“NAIF is continuing to build economic opportunities across Northern Australia, creating jobs and strengthening communities across the north,” said King.

“The $3 billion drawn down by project proponents underlines how NAIF has become an important catalyst for growth, jobs and opportunities for people and communities across the north, including Indigenous businesses and communities.

“NAIF capital is supporting more than 18,700 jobs and has so far secured more than $279 million supporting First Nations businesses, which strengthens communities. A strong north means a strong Australia.”

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NAIF has committed $4.5 billion to infrastructure projects across the north, spanning ports, agriculture, energy, social infrastructure and housing.

King said the government has also introduced legislation to Parliament to extend NAIF’s investment period to 30 June 2036, meaning the $7 billion facility will continue to support development across Northern Australia for another 10 years.

Assistant Minister for Northern Australia, Tourism and Pacific Islands Affairs Senator Nita Green said the legislation, currently before the Senate, will give certainty around NAIF’s ongoing role to support the north.

“This NAIF Bill means NAIF will remain a stable, reliable and accountable source of finance to support jobs, growth and vital infrastructure across Northern Australia,” said Green.

Special Envoy for Northern Australia Luke Gosling said Northern Australia is important to building a future made in Australia.

“NAIF has so far supported 35 projects and 40 investment decisions, including nine projects in the Northern Territory worth around $1 billion,” said Gosling.

The post NAIF hits $3 billion milestone appeared first on Inside Construction.



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