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 businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.