Canberra’s CEA Technologies and Perth’s Austal (ASX: ASB) are the first manufacturers to receive federal government loans from the Export Finance and Insurance Corporation (EFIC) to boost Australian defence exports.
A loan of $90 million has been made to CEA to help build a new manufacturing plant to build its CEAFAR phased array radars in use by the Royal Australian Navy.
The investment, to create 200 jobs, will support local build and export sales should CEAFAR be chosen in frigate proposals being considered by the UK and the US.
Austal has been given an $80 million loan to help build two patrol boats for Trinidad and Tobago, according to an announcment by trade minister, Simon Birmingham.
The loans are part of a $3.8 billion defence export facility managed by EFIC which is a centrepiece of the Turnbull government’s defence exports strategy.
Senator Bormingham said the loans show how the Defence Export Facility is helping Australian exporters sell more of their Australian products to the world, helping drive economic growth and create new Australian jobs.
Picture: Defence/CEAFAR radar aboard HMAS Perth
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