OTTAWA - November 20, 2006 - Export Development Canada (EDC) has signed a USD 5 million line of credit with Lanka Orix Leasing Company Ltd. (Lanka Orix) to facilitate Canadian trade with Sri Lanka.
"The line of credit with Lanka Orix underscores the increase in growth opportunities that EDC is witnessing in the Sri Lankan market," said Anis Karim, Regional Manager, South Asia for EDC. "Elsewhere in the market, opportunities in the power, infrastructure and telecom sectors are particularly well matched for Canadian expertise and capabilities, with a major initiative to facilitate Canadian participation in the power sector in Sri Lanka already under way."
The Line of Credit (LOC) was established to enhance Canadian supplier opportunities with Lanka Orix, a multi-faceted leasing company. Under the LOC, 12 Canadian-made eco-friendly water taxis are already under consideration for financing. The eco-tourism industry is a niche market for Canadian suppliers.
"The EDC LOC will be particularly suitable for the supply of Canadian-made equipment for the infrastructure sector, and of importance to the small to medium sized industrial and agricultural sectors in Sri Lanka," said Mrs. Rohini Nanayakkara, Chairperson of Lanka Orix. "The LOC opens an exciting new door to private sector buyers in this country."
Trade between Canada and Sri Lanka continues to grow, totaling CAD 120 million in 2005, a 400 per cent increase since 2001 and this volume is already exceeded as of August 2006 at CAD 176 million.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and human resource management.
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Media contact: Phil TaylorPublic AffairsExport Development Canada (613) 598-2904ptaylor@edc.ca
