11 August 2020
New Zealand Government extends and upsizes the Crown Liquidity Facility with LGFA
The Minister of Finance and LGFA have today signed an amendment to the Crown Liquidity Facility that extends the term of the facility to 31 December 2031 (from 31 December 2021) and increases the size of the facility to NZD1.5 billion (from NZD1 billion).
The Crown Liquidity Facility was established in December 2011 between Central Government and LGFA under the Local Government Borrowing Act (2011) and provides LGFA with the ability to borrow from the NZ Treasury.
The facility was due to expire in December 2021 and the Minister of Finance previously announced on 1 April 2020 the intention to extend the agreement.
LGFA welcomes the support from Central Government as the facility plays an important role in enabling LGFA to deliver low cost financing to the Local Government sector.
Released on behalf of NZ Local Government Funding Agency Limited by Mark Butcher, Chief Executive.
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