NAB’s $100 billion pledge for Australian infrastructure
National Australia Bank (NAB) today committed to help finance $100 billion worth of infrastructure projects in Australia over the next seven years, reinforcing its position as the country’s leading infrastructure bank.
NAB Group Executive, Product & Markets, Antony Cahill made the announcement in a speech to the Australian British Chamber of Commerce in Melbourne, and said the private sector had a significant role to play in the provision of worthy infrastructure in Australia.
“Only last week, Infrastructure Australian (IA) chairman Mark Birrell said that while we should be in the top 10 nations in the world we are broadly considered outside of the best 20,” Mr Cahill said.
“Australia is facing significant infrastructure challenges. We need to improve the way we deliver the right kind of infrastructure to service the ongoing prosperity of the country and its people.
“NAB has a proud record in the infrastructure sector and want to be a part of the solution.”
Over the last seven years, NAB has helped finance $80 billion worth of Australian infrastructure, which doesn’t include refinancing.
“We intend to continue to support Australian infrastructure development by playing a key role in facilitating an additional $100 billion in investment over the next seven years,” Mr Cahill said.
“Whether it’s using our own balance sheet or supporting customers in accessing funding from domestic or offshore investors, we stand ready to play a greater role in financing Australia’s future.”
NAB is the leading arranger of finance for major and minor infrastructure across Australia, including the Roy Hill mine, Sydney’s North West Rail Link project, the Sydney International Convention Centre, Perth’s multi-purpose sports stadium and the Victorian Comprehensive Cancer Centre.