As part of its quarterly results, today Bombardier issued a statement related to the ongoing World Bank investigation into Bombardier Transportation’s 2013 contract in Azerbaijan. The statement also notes several actions Bombardier is taking with respect of this matter.
Export Development Canada (EDC) welcomes Bombardier’s statement. We also acknowledge the positive steps the company has taken so far, including launching its own internal review and committing to take any necessary actions as a result.
While EDC was not involved in the transaction being investigated, we are nonetheless concerned about the allegations released via media reports. To be clear, allegations relate to a leaked, confidential document and are not the World Bank’s final determination. Still, as Canada’s export credit agency, we take all matters related to responsible business conduct seriously for both ourselves and our customers.
As noted in the company’s statement, EDC has engaged a third-party to provide an independent assessment of Bombardier’s compliance systems and practices. This review will help inform EDC’s future engagement with the company, including what additional measures may be required to ensure our due diligence meets best practices and all business we support is conducted responsibly. This review will be undertaken with the full cooperation of Bombardier. EDC commits to providing future updates on the outcomes of its third-party review.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.