BRISBANE—The Queensland government will provide hundreds of millions of dollars in interest-free loans to help fund infrastructure projects to kick-start the economy hit hard by the COVID-19 pandemic.
Treasurer Cameron Dick on July 26 announced a $200 (US$142) million Building Acceleration Fund that will be accessible to councils, property developers and industry.
The funds would be paid back over 15 years.
Dick said funding “catalytic infrastructure” would create jobs in the short term and unlock private investment in the long term.
“Post COVID-19 infrastructure investment will play a critical role in facilitating economic recovery,” he said in a statement.
“It is important that we are leveraging the capacity of the private sector to stimulate the economy and encourage job growth.”
State Development Minister Kate Jones said applications would open soon for projects ready to commence construction within 12 months of receiving approval.
The strategy behind the funding was to lead Queensland out of the pandemic by creating thousands of jobs.
“Big projects that will create thousands of jobs over the next five years – that’s what we’re targeting with today’s cash injection.”
“Co-investment funding will be provided for successful projects as an interest-free loan so they can start construction now and repay over 15 years.”
By Darren Cartwright