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Australia’s Export Finance and Insurance Corporation (EFIC) will contribute funding to Rio Tinto’s Oyu Tolgoi mine expansion in Mongolia, reported Peter Ker Monday from Sydney.
EFIC decided to support Rio Tinto despite calls from Australia’s Productivity Commission for the credit agency to focus on small exporters that struggle to find market financing.
EFIC has not yet released the loan amount for the Oyu Tolgoi project.
The International Financial Corporation, an arm of the World Bank, has also committed financing to the project.
Sources: The International Financial Corporation; The Australian Export Finance and Insurance Corporation; The Sydney Morning Herald
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