EDC SIGNS MEMORANDUM OF UNDERSTANDING WITH SINOSURE IN CHINA

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BEIJING, January 20, 2005 -- Export Development Canada (EDC) and China Export & Credit Insurance Corporation (Sinosure), today signed a Memorandum of Understanding (MOU) indicating the intent of both parties to develop a formal agreement on cooperation and coordination efforts supporting activities related to domestic and export bilateral transactions between Canada and China. "EDC is expanding our relationship with Sinosure to help better support EDC and Sinosure's clients in pursuit of business opportunities in both Canada and China," said Eric Siegel, EDC Executive Vice-President, Medium-and Long-Term Financial Services, upon signing the agreement. "Business globalization is quickly becoming the norm. EDC and Sinosure wish to work together on coordinated efforts that support Canadian and Chinese businesses looking to gain competitive advantages when exporting or investing abroad," added Mr. Siegel. The EDC-Sinosure MOU further enhances the ongoing relationship between both organizations, enabling the effective exchange of information about potential projects and programs, while promoting each other's services in both Canada and China. This agreement will also serve as the framework to enter into financing arrangements for future transactions. The MOU was signed at the Great Hall of the People in Beijing by Mr. Siegel and by Mr. Xu Fuxing, Executive Vice-President of Sinosure. SINOSURE is China's official export credit insurance agency offering export credit as well as credit insurance to the domestic market. Sinosure is mandated to promote Chinese exports and foreign investments by means of credit insurance, information and receivables management. EDC provides trade finance and risk management services to Canadian exporters and investors in up to 200 markets. Founded in 1944, EDC is a Crown corporation that operates on commercial principles. - 30 - For further information: Glen Nichols Export Development Canada Tel.: (613) 598-2876 E-mail: glnichols@edc.ca Internet: www.edc.ca

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Date modified:: 2016-12-15

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EDC SIGNS MEMORANDUM OF UNDERSTANDING WITH SINOSURE IN CHINA

News Release

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