Export Finance and Insurance Corporation (EFIC) has provided a performance bond to support the participation of JML Engineered Facades Pty Ltd (JML) in a $10.6 million contract at the New Doha International Airport in Qatar.
JML’s customer in Qatar required that they arrange a performance bond for about $1 million, issued by a bank with a local presence.
EFIC drew on its relationship with Citigroup, which has an established network in the Middle East, providing a guarantee to Citigroup, which in turn issued a bond to the customer through the bank’s Qatar branch.
JML approached EFIC when the company’s bank requested full cash cover for the bond, which would have tied up working capital JML preferred to utilise for development of other new business in the region.
For more information on how EFIC can help Australian export businesses visit : www.efic.gov.au.
Export Finance and Insurance Corporation
Ph: 02 9201 2199