Seeking talent to lead new Regional Investment Corporation
26 May 2017
- The Coalition Government is calling for expressions of interest for Board members to oversee the new Regional Investment Corporation (RIC).
- The RIC will streamline delivery of up to $2 billion in concessional loans for farm businesses, and $2 billion in loans to state and territory governments to fast-track construction of dams and priority water infrastructure projects.
- The RIC was a key election commitment and is expected to open for business in 2018.
The Coalition Government is moving quickly to establish the Regional Investment Corporation (RIC), with advertisements appearing in newspapers today for a chairperson and two board members.
Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, said it was an exciting opportunity for an individual to make a significant contribution to building stronger and more prosperous rural and regional communities and more resilient farm businesses across Australia.
Mr Joyce said the government was looking for people with strong skills and experience in a range of areas, like agribusiness, banking and finance, water infrastructure planning and financing, with a knowledge and understanding of the issues facing rural industries and communities in Australia.
"The RIC delivers on a key election commitment and will streamline the delivery of up to $4 billion in concessional loans supporting growth, investment and resilience in rural and regional communities across Australia," Minister Joyce said.
"Based in the regional town of Orange, New South Wales, the RIC will administer the government's $2 billion farm business concessional loans from July 2018, as well as the $2 billion National Water Infrastructure Loan Facility and will create a rural financial hub in the region.
"The establishment of the RIC in Orange also demonstrates this government's commitment to deliver growth and skilled job opportunities to regional communities through our decentralisation policy."
Mr Joyce said the RIC would help strengthen farm businesses by providing them with access to low-cost finance so they can build and maintain diversity in the markets they supply, and take advantage of new and emerging opportunities across Australia and overseas.
"This government is making an unprecedented level of funding available for loans to support farm businesses, and we want to ensure that they can access that support as quickly, easily and consistently as possible," Mr Joyce said.
"The RIC will also help fast-track the construction of dams and priority water infrastructure projects needed to stimulate investment, economic growth and increased agricultural productivity in rural and regional communities."
For more information on the RIC and application details visit agriculture.gov.au/ric. Applications for the RIC Board are open until COB 16 June 2017.
Until the RIC is open for business, it is intended that farm businesses will continue to apply for concessional loans through their state's delivery agency. State and territory governments can continue to apply for water infrastructure loans through the department at agriculture.gov.au/waterloans.
- The RIC will open for business in 2018, and applications are now open for a part-time Chair and two part-time members for the RIC Board.
- Farm business loans administered by the RIC will support strong farm businesses by providing concessional loans to farmers.
- More than $681 million in concessional loans have been approved to over 1270 farm businesses (as at 30 April 2017).