Laws for overseas infrastructure funding

Australia's export credit agency will be able to fund overseas infrastructure projects under draft laws introduced to federal parliament, with the government eyeing its Pacific neighbours.

Assistant Minister for Trade, Tourism and Investment Mark Coulton says the bill would allow the Export Finance and Insurance Corporation to fund overseas projects when there is a positive benefit for Australia, while boosting the agency's commercial account to $1 billion.

"The bill will allow Efic to finance essential overseas infrastructure such as telecommunications, energy, transport and water," he told the lower house on Wednesday.