‘The fund is well placed to be a NAIF financing partner’: $189m to support NT stakeholders

A ‘on lend’ partnership between the Northern Australia Infrastructure Facility and NT government will allow local stakeholders to access funds for their projects.

AN ‘on lend’ partnership between the Northern Australia Infrastructure Facility (NAIF) and NT government will allow local stakeholders to access funds for their projects.

The partnership will use the NT Local Jobs Fund’s $189 million co-investment fund to on lend money to local proponents, supporting economically transformational projects.

It will also help businesses with high growth potential to increase exports of goods and services interstate and overseas, and substantially boost local jobs and outputs to local markets, including where import substitution can be achieved.

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NAIF chief executive Chris Wade said the partnership would suit and support the Territory’s potential for infrastructure development.

“We believe the NT Local Jobs Fund has a strong alignment with NAIF’s investment mandate,” he said.

“The fund is well placed to be a NAIF financing partner because it has in place end-to-end capabilities to originate, assess, document and manage a portfolio of small to medium-sized loans and it also has a strong social and economic growth agenda in the NT.”

Chief Minister Michael Gunner said the partnership with NAIF would add more funding to and encourage more investment and jobs in the Territory.

“The Territory’s Local Jobs Fund has invested $18 million in funding to businesses, has $40 million under active assessment and will create 540 direct and indirect jobs, contributing more than $200 million to the growth of the economy,” he said.

Resources, Water and Northern Australia Minister Keith Pitt said they wanted to make the NAIF more nimble and flexible and the new partnership was an example of NAIF’s reforms working for Northern Australia.

“The government’s reforms will ensure the NAIF can play a key role in the continuing Covid economic recovery in Northern Australia, driving more jobs and economic opportunities.”