National Infrastructure Funding and Financing
National Infrastructure Funding and Financing Limited (NIFFCo) is a national infrastructure agency and Crown-owned company created by the New Zealand Government to attract funding and financing for infrastructure projects in New Zealand, and addressing the country's infrastructure deficit.[1]
History
[edit]Predecessors
[edit]In 2009, the New Zealand Government had created a Crown-owned company called Crown Fibre Holdings to implemented its NZ$1.7 billion Ultra-Fast Broadband programme providing Fibre-to-the-home services to 87% of population. At the time, this marked the largest public-private infrastructure initiative in New Zealand.[2][3]
Crown Fibre Holdings was subsequently revamped as Crown Infrastructure Partners (CIP). In 2017, CIP was tasked with investigating and implementing commercial models to help the Government develop more water and road infrastructure to accommodate an national increase in housing supply. In 2020, Crown Infrastructure Partners was given oversight over the Government's "shovel-ready projects"during the COVID-19 pandemic in New Zealand.[3]
Launch
[edit]During the 2023 New Zealand general election, the centre-right National Party campaigned on creating a national infrastructure agency. As part of National's coalition agreement with the populist New Zealand First party, the Sixth National Government agreed to establish a national infrastructure agency.[1]
On 28 August 2024, Minister for Infrastructure Chris Bishop announced that the existing Crown Infrastructure Partners would be repurposed as a new national infrastructure agency, which would commence operations on 1 December 2024. This agency would be tasked with serving as a "shopfront" for receiving investment proposals, supporting private infrastructural investment, partnering with agencies and local government on projects involving proving finance, and administering the central government's infrastructure funds.[4] On 30 September 2024, Prime Minister Christopher Luxon listed the creation of a national infrastructure agency as part of the Government's fourth quarterly plan.[5]
The National Infrastructure Funding and Financing Limited (NIFFCo) formally came into existence on 1 December 2024 and assumed CIP's functions and responsibilities. NIFFCo was tasked with partnering with agencies to deliver projects involving private finance, connecting investors to relevant funds and facilitating a "transparent, consistent and efficient" process for infrastructure investment projects.[6]
References
[edit]- ^ a b Bishop, Chris (1 December 2024). "New infrastructure agency up and running". Beehive.govt.nz. New Zealand Government. Archived from the original on 12 March 2025. Retrieved 5 April 2025.
- ^ "About Us". National Infrastructure Funding and Financing. Archived from the original on 17 March 2025. Retrieved 7 April 2025.
- ^ a b "Crown Infrastructure Partners Limited". New Zealand Treasury. June 2018. Archived from the original on 10 October 2024. Retrieved 7 April 2025.
- ^ Palmer, Russell (28 August 2024). "Infrastructure Agency and Plan: Government announces settings, start date". RNZ. Archived from the original on 28 August 2024. Retrieved 1 September 2024.
- ^ "Watch: PM Christopher Luxon targets infrastructure in latest quarterly plan for government". Radio New Zealand. 30 September 2024. Archived from the original on 3 March 2025. Retrieved 5 April 2025.
- ^ "Infrastructure System Reform". New Zealand Treasury. 2 December 2024. Archived from the original on 6 March 2025. Retrieved 7 April 2025.