Australia's export credit agency, Export Finance and Insurance Corporation (EFIC) , has recently provided an A$10 million bonding facility to Brisbane-based company, GRM International, to support it's international development projects.
GRM International provides project management services and technical assistance across a broad range of sectors, with a focus on social infrastructure in developing countries and a current aim to increase it's presence in the Middle East and North Africa.
The one-year revolving bonding facility enables GRM International to request that EFIC provide advance payment and performance bonds on its behalf or for certain group companies.
The first bond issued under the facility supports GRM International's contract with the Abu Dhabi Food Control Authority, worth around A$7 million, to establish and manage a farmers’ association in the Emirate’s Western Region. EFIC’s bonding facility supported the issue of an advance payment bond worth UAE Dhs 13.5 million (approximately A$4 million) required by the contract.
"EFIC’s bonding facility gives us additional confidence to compete for large international contracts and is helping us pursue our growth strategy by freeing up our working capital," says GRM International's Managing Director Kim Bredhauer.
"The flexibility of the EFIC facility will allow us to access bonds for a variety of projects over the coming year," she adds.
‘EFIC is delighted to establish this new partnership with GRM International, which has an impressive track record of managing aid projects for almost 40 years in over 120 countries. EFIC’s bonding facilities help Australian companies like GRM International compete more effectively in global markets," says EFIC's Executive Director for SMEs, Anrdrea Govaert.