Ann: Sconi Project in Due Diligence Phase for NAIF funding, page-249

"You read 'market failures' and put entirely 100% emphasis on those words whereas NIAFs stated focus is to fill gaps in the funding market the types of which I've pasted from their documentation"

Addressing 'market failure' where justified by public benefits and acceptable risk is the sum total of NAIF's raison d'etre. And it is BECAUSE of 'market failure', that the Government is seeking, via NAIF, to "fill gaps in the funding market". They are NOT separate things. And 'the types' of gap fills which you posted was just NAIF's definition of market failure.

So, yes, that's where 100% of the emphasis is! If you understand what 'market failure' is - really understand it - it is as clear as mud in ALL their documents.

Maybe this definition, from the University of Melbourne, will help:

"Market Failure is a concept in economic theory where in the allocation of goods and resources by a free market is not efficient. As the diagram shows, market failure can be as the result of four general factors including Public Goods, Externalities, Lack of Property Rights, and Asymmetric Information.

Market Failures are important in different public policies and some of these government policies and interventions such as such as taxes, subsidies, regulations are to correct such failures in markets."

I'll ignore the gratuitous condescension in your final paragraph