The Federal Government has tabled a bill that would transform Australia’s Export Finance and Insurance Corporation (Efic), in into an overseas development bank.

Efic does not have a development background; this expertise is located elsewhere in the government. Despite this, Efic will be tasked with independently funding infrastructure overseas, with explicit goals including influencing Australia’s foreign relations and benefiting Australian businesses.

These changes pose serious financial, environmental and diplomatic risks, which must face close scrutiny.