Adani has failed to attract private finance to its proposed Carmichael mine and rail project and is becoming increasingly reliant on public funding to proceed. The company has already attempted to use the Northern Australia Infrastructure Facility to secure a publicly-funded loan – this was vetoed by the Queensland Government in 2017.
In March 2018 the Export Finance and Insurance Corporation (EFIC), an Australian federal government body, emerged as a potential funding vehicle for Adani’s plans to open up the Galilee Basin to coal mining.
Already, EFIC has been approached by several of Adani’s contractors and Adani itself about funding options. Former Trade Minister Steven Ciobo also relaxed the rules concerning EFIC’s ability to lend to large projects like the Carmichael mine.
This is yet another example of the federal government going to extreme lengths to try to pour Australian taxpayer dollars into this deeply unpopular and environmentally disastrous project.
Although EFIC testified in Senate Estimates on 1 June 2018 that it is not currently considering any applications from Adani or Adani’s suppliers, EFIC remains a potential Carmichael mine financier. Read our latest updates on Adani.
Use our form (above right) to contact EFIC and Trade Minister Simon Birmingham to demand that no public money goes into Adani’s dirty coal export project.
Use the form to tell EFIC: No public money to Galilee Coal!