Today, Export Development Canada (EDC) announced a Euro denominated 9.375 million equity commitment into Fonds Translantique, a unique fund aimed at helping Quebec companies break into the Eurozone through the French market, and French companies break into North America through the Quebec market, capitalizing on the newly ratified comprehensive trade agreement between Canada and the European Union.
EDC’s investment represents 25% of the equity available in the fund, which will be co-managed by Desjardins Capital and Siparex, a private equity group based in France. The two organizations will leverage each other’s local expertise and business networks to generate opportunities.
“The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) offers strong benefits to first movers,” said Benoit Daignault, President and CEO, EDC. “This investment is an out-of-the-box way of helping more Canadian companies leverage the agreement, boosting Canada’s overall export trade and trade diversification. We are proud to be partnering with like-minded organizations in this important initiative.”
International Trade Minister François-Philippe Champagne said Canada’s long-standing relationship with France has allowed trade between the two countries to grow significantly and it will continue to do so under CETA.
“We have worked to further strengthen our trade and investment ties with France, which are already among the strongest in the world,” Champagne said. “I’m pleased to see CETA resulting in such innovative thinking, not only giving Canadian exporters a boost, but also increasing foreign investment here at home that will create jobs and contribute to our economy.”
Along with the financial support, EDC will use its successful matchmaking program to connect Quebec companies to customers looking for products and services.
