Where NDFA is able to borrow at better rates than the private sector, less State subvention may be required for capital projects underpinning the PPP approach to the delivery of infrastructure. It is intended that NDFA financing will be backed by Government guarantee. In addition, the NDFA will be able to form special purpose companies under this legislation and will be able to receive funding and guarantees from the Minister. I am satisfied that this measure offers NDFA the necessary flexibility in discharging its functions. It is not envisaged that funding and guarantees will necessarily be given to all SPCs.