The government of Victoria has sold the agribusiness lending bank, Rural Finance Corporation (RFC) for $1.78 billion to Bendingo & Adelaide Bank and has confirmed its plans to sell a 40-year lease to privatize the Port of Melbourne. The government expects net proceeds of $400 million from the sale of the bank but has not disclosed the amount expected from the privatization of the port. The sale of RFC includes the bank’s loan book equaling $1.695 billion and is scheduled to close by mid-July. The proceeds from both sales is earmarked to be used for significant infrastructure development within Victoria including the Murray Basin Rail Project and the development of the Port of Hastings.
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