07 May 2018
The Regional Investment Corporation (RIC) Board today announced the RIC would be based in Orange, NSW.
“Today’s announcement is another major milestone in the establishment of the RIC, which will deliver $2 billion in farm business concessional loans and the $2 billion National Water Infrastructure Loans Facility.
RIC Chair, David Foster, said the Board considered several regional cities and their suitability for the RIC in making the decision.
“In determining the location, the Board considered factors such as transport and accessibility, availability of commercial real estate, telecommunications, available workforce, and amenities and services,” Mr Foster said.
“It also considered the regional importance of agriculture and proximity to related organisations such as government departments and financial service organisations.
“The Board is continuing the work to have the RIC open for business.
“We’ll be working closely with stakeholders over coming months to ensure that we develop nationally consistent products that are delivered quickly and effectively to the communities we serve.”
Legislation to establish the RIC passed through Parliament on 6 February 2018.
The RIC Board members are David Foster (chair), Lucia Cade, Mark Lewis and Prue Bondfield.
For more information on the Regional Investment Corporation.
MEDIA INQUIRIES: RIC
Note: The Department of Agriculture and Water Resources is providing secretariat services to the RIC while the corporation is established.