March 7, 2005

EDC offered record help last year

By Patricia Williams

staff writer

Ottawa-based Export Development Canada (EDC) extended a record $54.9 billion in trade finance and risk-management services in 2004 — a 5.8-per-cent increase over 2003 levels.

EDC also facilitated a record $11.6 billion in exports and investments in developing markets, a 10.5-per-cent increase over the previous year.

Overall, EDC participated in 12.2 per cent of Canada’s exports in goods and services. That participation rate climbed to 35.9 per cent of Canadian exports in goods and services to developing countries.

EDC assisted transactions in 177 countries and territories, 146 of them in developing markets.

“Canada’s prosperity and Canadian jobs depend on the continuing success of our exporters and investors,” said acting president Gilles Ross.

“In 2005, we will offer an even wider range of services and solutions to support the government’s trade agenda and help our clients succeed internationally.”

EDC last year assisted 6,962 Canadian exporters and investors.

Some 90 per cent of clients were small- and medium-sized enterprises. In 2004, that customer segment accounted for a record $11.8 billion in EDC business, a dramatic 13.5-percent increase from 2003.

In a statement, EDC said it will focus this year on expanding its service offering and grow its financing program to meet the needs of Canadian exporters in developing markets.

“This will include supporting the government’s objectives to increase Canada’s trade in developing markets by taking on greater levels of risks in those key markets as well as to assist sectors of strategic importance to Canada,” the corporation said.

“EDC will work with Canadian firms establishing global supply chains through direct investment abroad, assist in the expansion of Canadian export capacity and encourage exports by small- and medium-sized enterprises.”

The Crown corporation provides trade finance and risk-management services to Canadian exporters and investors in up to 200 markets.

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