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Jubilee Statements

Monitoring the impacts of government and corporate behaviour in communities overseas.

No Amendment to Efic Act without Meaningful Reform, Says Jubilee

Release Date: 17-Jan-2017

Jubilee Australia has demanded that no expansion of Efic's mandate be allowed unless the institution improves its transparency and due diligence. 

Jubilee's concerns, summed up in an article in the Guardian today, said that any changes to the Efic Act should include better transparency and accountability with regard to its social and environmental assessment processes and a removal of its exemption from the freedom of information act.

The demands were made in a joint submission with the Australia Institute to a Senate Inquiry into proposed reforms to Efic

The reforms propose allowing Efic to due social and environmental diligence on behalf of other commonwealth entities, such as the Northern Australia Infrastructure Fund, or NAIF. It is widely reported that the NAIF plans to finance aspects of the Adani coal mine. The bill would also for the first time empower Efic to give loans to small businesses which are using overseas as a manufacturing base.

The joint Jubilee-Australia institute submission to the Senate inquiry may be found here: Jubilee TAI Submission on 2016 Efic Amendment

The Australia Institute