The federal government’s signature manufacturing initiative, the $15 billion National Reconstruction Fund, is progressing with the appointment of an inaugural CEO and a new form for submitting proposals added to its website.
The National Reconstruction Fund Corporation board was appointed in August last year, with a search for a CEO announced in October.
The board makes investment decisions independently of the government, and the organisation is modelled on the Clean Energy Finance Corporation. The NRF offers investment in the form of loans, equity and guarantees to manufacturers in seven priority areas.
Ivan Power – who had a 20-year career at Macquarie Group and has worked with early-stage Australian companies since 2019 – was named as CEO on Thursday.
“Ivan’s experience advising early-stage companies, on national infrastructure and his passion for Australian industry will serve the NRFC well as we work alongside the Government and others to transform the Australian economy,” said NRF Chair Martijn Wilder in a statement.
“I would like to extend my sincere gratitude to the NFRC team, led by acting CEO Rebecca Manen, who have worked tirelessly to establish the NRFC so quickly.”
The NRF Corporation added a page on its website for companies to submit proposals on Wednesday (linked.)
The speed with which the NRF is progressing came into question last month, after prime minister Anthony Albanese was asked why there was still now way for companies to formally apply for funding on the corporation’s website.
“No, it is operating. It is operating. It is open for business,” insisted the PM.
In response to the January 15 interview, a statement from shadow industry minister Sussan Ley read: “This morning, the facts have caught up with the Prime Minister who could not explain why his National Reconstruction Fund has failed to allocate a single dollar to any business since being established over six months ago.”
Picture: credit www.industry.gov.au