Today, Export Development Canada (EDC) is announcing the signing of two new Memoranda of Understanding (MOU) that will allow for a more coordinated approach to future joint transactions that will benefit Canadian exporters. The main objectives of the MOUs are to enhance cooperation between EDC and the Export Credit Guarantee Corporation of India (ECGC), as well as the Hungarian Export-Import Bank (HEXIM).
As one of the world’s most progressive export credit agencies (ECA), EDC often receives requests to work in partnership with other ECAs on large multinational financial transactions. The new agreements will improve the efficiency of these joint transactions, form stronger ties between the ECAs, and give EDC a better picture of potential opportunities in a broad range of markets.
“As companies expand through subsidiaries in foreign markets, supply is increasingly being sourced from multiple countries,” said Carl Burlock, Senior Vice President of Finance and International Growth Capital, EDC. “Efficient collaboration on financial solutions between ECAs will facilitate access and create growth opportunities for Canadian companies in new frontier markets.”
This type of relationship building is critical to EDC fulfilling its mandate to help diversify trade.
“The nature of international trade is constantly evolving and so are the needs of Canadian exporters,” added Burlock. “Agreements such as these will help us improve our ability to connect Canadian companies and investors with the best partners around the world and are a good example of how EDC is working to innovate and adapt its offerings to better serve its customers.”
The MOUs with ECGC and HEXIM were signed on March 19 and March 21, respectively, and both went into effect immediately.
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.