EDC Updates its Bank Guarantee Program for Exports to Developing Markets

News Release

Ottawa, April 27, 2005 -- Export Development Canada (EDC) today announced updates to its bank guarantee program which aim to provide Canadian exporters with incremental medium- and long-term financing for their foreign buyers in developing markets. "Today's announcement of an updated bank guarantee program results from an extensive review undertaken by EDC's Board of Directors together with senior representatives from the Government of Canada and which included discussions with Canadian and international financial institutions," said Eric Siegel, Executive Vice President, Medium- and Long-Term Financial Services. "Enhancements to the guarantee program will serve to complement EDC's direct lending program by leveraging the financing capacities of EDC and Canadian and international banks to increase the medium and long term financing available to support Canadian export transactions in developing markets. "Updates to the program were made in response to the noticeable changes in the needs of foreign buyers. The availability of financing, in particular for local costs, has had a growing influence in buyers' procurement decisions." In response, the updated guarantee program has been designed to help Canadian exporters seize a greater share of the increasing opportunities in key developing markets. Among the changes, EDC has increased its percentage of loan coverage support while maintaining a sharing of risks with the banks. EDC, a Crown corporation, provides trade finance and risk management services to Canadian exporters and investors in up to 200 markets. -30- Media Contact: Glen Nichols Export Development Canada Tel. 613-598-2876 E-mail: glnichols@edc.ca

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2016-12-15

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EDC Updates its Bank Guarantee Program for Exports to Developing Markets

News Release

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