Ministers for the Department of Infrastructure, Regional Development and Cities The Hon Michael McCormack MP Deputy Prime MinisterMinister for Infrastructure, Transport and Regional Development Senator the Hon Bridget McKenzie Minister for Regional ServicesMinister for SportMinister for Local Government and Decentralisation The Hon Alan Tudge MP Minister for Cities, Urban Infrastructure and Population The Hon Sussan Ley MP Assistant Minister for Regional Development and Territories The Hon Andrew Broad MP Assistant Minister to the Deputy Prime Minister The Hon Scott Buchholz MP Assistant Minister for Roads and Transport The Hon Barnaby Joyce MPFormer Deputy Prime MinisterFormer Minister for Infrastructure and Transport The Hon Dr John McVeigh MPFormer Minister for Regional Development, Territories and Local Government The Hon Keith Pitt MPFormer Assistant Minister to the Deputy Prime Minister The Hon Damian Drum MPFormer Assistant Minister to the Deputy Prime Minister Senator the Hon Fiona Nash Former Minister for Regional DevelopmentFormer Minister for Local Government and Territories The Hon Darren Chester MP Former Minister for Infrastructure and TransportFormer A/g Minister for Regional DevelopmentFormer A/g Minister for Local Government and Territories The Hon Warren Truss MP Former Deputy Prime Minister Former Minister for Infrastructure and Regional Development The Hon Paul Fletcher MP Former Minister for Urban Infrastructure and Cities The Hon Jamie Briggs MP Former Assistant Minister for Infrastructure and Regional Development

$3.5 billion funding secured for WestConnex

Media Release

PF039/2015

21 November 2015

Federal Minister for Major Projects Paul Fletcher and NSW Roads Minister Duncan Gay today announced the financial close on $1.5 billion in private sector debt and signing of a $2 billion Australian Government concessional loan for a new world class motorway network for Sydney.

The announcement comes after a day of major WestConnex announcements including the ‘lifting’ of one of the first concrete girders to widen the M4 and release of the updated business case.

Mr Fletcher said WestConnex is the first major road project to receive concessional loan funding from the Australian Government.

“I'm very pleased the Australian and NSW Governments have been joined by major Australian and international lenders, the Commonwealth Bank, the National Australian Bank, Westpac Banking Corporation and Credit Agricole, who are providing $1.5 billion in debt to this project,” Mr Fletcher said.

“This is evidence of strong confidence in the project.

“The Australian Government's $2 billion concessional loan will accelerate the New M5 upgrade, enabling the New M5 to be delivered at the same time as the widened and extended M4 in 2019.”

NSW Roads Minister Duncan Gays said the NSW Government is committed to delivering the New M5 up to 18 months earlier than originally planned.

“The New M5 includes a significant upgrade of King Georges Road Interchange which will cut travel time through the interchange by up to half for 40,000 motorists,” Mr Gay said.

“Importantly, the New M5 will also more than double capacity on the M5 East corridor by adding extra twin tunnels to the existing M5 East tunnels.”

The financial close also enabled completion of the New M5 Project Deed and award of the Design and Construct contract, which was awarded to the Leighton Dragados Samsung Joint Venture.

The Australian Government is providing $1.5 billion towards WestConnex, in addition to the concessional loan of $2 billion. The New South Wales Government is providing $1.8 billion.

WestConnex tolls will be distance-based (motorists only pay for the length of road they use) and capped like the current M7. Motorists will always have a free alternative route.

For more information on WestConnex visit www.westconnex.com.au