Media Release
Wednesday, 27 August 2003 - MVT64/2003
Appointment Of Managing Director Of The Export Finance And Insurance Corporation
Trade Minister Mark Vaile today announced the appointment of Mr Angus Armour as Managing Director of the Export Finance and Insurance Corporation (EFIC).
EFIC is the Australian Government’s official Export Credit Agency and plays an important role supporting Australian exporters in areas not covered by the commercial sector.
“Mr Armour has the right blend of skills and experience to lead EFIC in its role of supporting Australian exporters. With over fifteen years experience in the field of export credit, Mr Armour will serve Australian exporters well,” Mr Vaile said.
Mr Armour is a career professional in the area of export credit. He is currently General Manager of EFIC’s Export Finance Group. He has previously worked at the World Bank’s International Finance Corporation and Canada’s Export Development Corporation. Mr Armour will take up his new position on 31 October 2003.
Mr Armour’s appointment follows the announced sale of EFIC’s short term export credit insurance business to Gerling NCM, scheduled for end-September. Following the sale of its short term business, EFIC’s Export Finance Group will continue to play a key role backing Australia’s export ability by providing internationally competitive medium to long term finance and insurance services to Australian exporters and investors.
EFIC's Export Finance Group provides a range of services to assist the export of Australian capital goods and services and investment in overseas projects. Its products include: medium- to long-term finance to overseas buyers, such as Direct Loans and Export Finance Guarantees to finance the purchase of Australian capital goods or services, Advance Payment and Performance Bonds and guarantees, Political Risk Insurance (for Investors and Lenders), Medium-Term Payment Insurance and Unfair Bond Calling Insurance.
Mr Vaile expressed his appreciation for the contribution of the outgoing Managing Director of EFIC, Mr Ewen Waterman, who has held the position since 2001. Mr Waterman successfully managed the implementation of EFIC’s export credit insurance alliance with Gerling NCM.
Contact: Matthew Doman 02 6277 7420