(OTTAWA) February 27, 2007 Export Development Canada (EDC) announced today that it has signed a USD 50 million Line of Credit (LOC) with Bank UralSib (UralSib), one of Russia's leading private banks.
EDC has entered into this LOC to facilitate the purchase and financing of goods and services from Canada into the Russian market.
"EDC's positive working relationship with UralSib has led to excellent growth and sales opportunities for Canadian exporters, particularly in the agricultural equipment sector." said Eric Siegel, President and CEO of EDC. "Having already financed several transactions with UralSib over the years, this new line of credit will expand our relationship with one of Russia's foremost commercial banks."
EDC business volumes in the Russian market have grown considerably in the past three years, from CAD 203 million in 2004, CAD 502 million in 2005 to CAD 756 million in 2006. EDC currently facilitates approximately 70 per cent of Canada's trade with Russia.
EDC has been most active in Russia within the agricultural equipment, telecommunications, mining and forestry sectors, but has also identified oil & gas, infrastructure and transportation as growth sectors.
About Bank UralSibBank Uralsib is a privately owned financial institution. The merged UralSib ranks 4th among Russian banks by capital and 6th by assets. UralSib's retail banking network of 528 offices in 81 different regions is the second largest in Russia and the most extensive amongst privately owned Russian banks. UralSib provides a wide range of financial services including commercial, retail, investment and corporate banking as well as private banking, insurance, brokerage, custody and asset management services. Corporate business is a core activity of UralSib with the Bank making available a full range of traditional banking products. These services include treasury, banking, project and trade finance, structured finance and investment services.
About EDCExport Development Canada 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 has been named one of Canada's Top 100 Employers for 6 consecutive years.
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Media contact: Phil TaylorEDC Public Affairs(613) 598-2904ptaylor@edc.ca
