Almost half of NAIF funding has gone to NT projects
TEN key Northern Territory projects with a combined value of about $833 million have been approved by the North Australia Infrastructure Facility
Northern Territory
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TEN key Northern Territory projects with a combined value of about $833m have been approved by the North Australia Infrastructure Facility.
NAIF director and former NT Deputy Chief Minister Barry Coulter branded criticism of the NAIF funding rollout by Labor’s spokesman for Northern Australia, Murray Watt, as “mischief-making”.
Senator Watt said $2bn worth of projects had been approved but only $169m in cash had flowed.
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Mr Coulter said Senator Watt would do well to understand the process for which projects drew down on NAIF-approved loans.
“Of that $169m that has been drawn down, $63m has been for projects in the Northern Territory,” Mr Coulter said.
“What Senator Watt should know is that NAIF-approved funding does not start flowing until the project it has been awarded to is in a position to start drawing funds from it. The $400m NAIF approved for the East Arm ship lift is a good example.
“Money for this project starts flowing when the project proponents are in a position to do so.
“Now that it has called for tenders, there will be design work and engineering and other things to be done,” Mr Coulter said.
“It takes a long time for these key infrastructure projects to get to the point of being ready to draw down their cash from the NAIF loans.
“Of the $2bn that is contracted at the moment, just under half is coming to the Northern Territory.
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“There are 10 NAIF-approved projects in the Northern Territory, four of which are to NT Airports, the East Arm ship lift, the Darwin CBD university development, the Humpty Doo Barramundi Farm and Verdant’s super phosphate mine, which has conditional approval for $160m from NAIF,” the facility director said.
Mr Coulter said there were about another four or five key Northern Territory infrastructure projects currently under consideration.
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