Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Minister may approve of EFIC entering into a contract of insurance or indemnity (other than a contract under section 22) if the Minister is satisfied that it is in the national interest for EFIC to enter into the contract.
(2) The Minister may approve of EFIC giving a guarantee if the Minister is satisfied that it is in the national interest for EFIC to give the guarantee.
(3) The Minister may approve of EFIC entering into a contract of insurance under section 22 if the Minister is satisfied that:
(a) an overseas investment transaction to which the contract will relate will assist in the social and economic development of a foreign country; and
(b) it is in the national interest that EFIC enter into the contract in respect of the whole or a part of that transaction.
(4) The Minister may approve of EFIC making a loan under section 23 in respect of an eligible export transaction if the Minister is satisfied that it is in the national interest that EFIC make the loan in respect of the transaction.
Note: The provision of loans includes providing finance, providing a financial accommodation or making an equity investment, in any form: see subsection 3(2).
(4A) The Minister may approve of EFIC making a loan under section 23A in respect of overseas infrastructure development if the Minister is satisfied that it is in the national interest that EFIC make the loan in respect of the development.
Note: The provision of loans includes providing finance, providing a financial accommodation or making an equity investment, in any form: see subsection 3(2).
(5) The Minister's approval of entry into a contract of insurance under section 22 may be an approval of entry into the contract in relation to the whole or a specified part of the overseas investment transaction concerned.
(6) The Minister must not approve the entry by EFIC into a contract of insurance under section 22 under which a person would be insured against loss or detriment attributable to circumstances within the control of the person.
(7) The Minister's approval is to be in writing.
(8) EFIC has power to enter into a contract, give a guarantee, or make a loan in accordance with an approval under this section.
(9) While an approval under this section remains in force, EFIC must not decline a request that it enter into a contract, give a guarantee, or make a loan in accordance with the approval.