NAIF hits $3 billion milestone in investing in the north
The Albanese Government’s Northern Australia Infrastructure Facility (NAIF) has reached a $3 billion milestone for investing in jobs, communities and opportunities across the north.
The Albanese Government’s Northern Australia Infrastructure Facility (NAIF) has reached a $3 billion milestone for investing in jobs, communities and opportunities across the north.
Minister for Resources and Northern Australia Madeleine King said the NAIF has delivered $3 billion in funds to proponents through draw downs 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,” Minister King said.
“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.”
NAIF has committed $4.5 billion to infrastructure projects across the north, ranging from ports, agriculture, energy, social infrastructure and housing.
Minister King said the government has also introduced legislation to Parliament to extend NAIF’s investment period to 30 June 2036, meaning the $7 billion NAIF 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 NAIF 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,” Senator Green said.
Special Envoy for Northern Australia Luke Gosling said the Albanese Government understands the importance of Northern Australia to building a future made in Australia.
“NAIF has so far supported 35 projects and 40 investment decisions, including 9 projects in the Northern Territory worth around $1 billion,” Mr Gosling said.
“The Albanese Government will make sure NAIF can keep partnering with business and communities to deliver transformational projects.”
