(SANTIAGO, CHILE) September 28, 2007 Export Development Canada (EDC) today announced that it has loaned USD 50 million to Corporacion Nacional del Cobre de Chile (Codelco), Chile's state-owned copper production company.
The loan is EDC's participation in a USD 400 million syndicated loan that will be used by Codelco for general corporate purposes. EDC is among six banks acting as mandated lead arrangers.
"Today's transaction signals our ongoing commitment to Codelco, a key partner for EDC as we seek to expand Canadian trade with Chile and promote Canada's mining expertise internationally," said Stephen Poloz, Senior Vice-President, Corporate Affairs and Chief Economist of EDC. Mr. Poloz made the comments during a speech given in Santiago, Chile.
EDC has previously provided financing to Codelco in support of Canadian companies providing supply and services to them. Codelco's procurement from Canadian sources continues to grow, as it does in Chile overall. EDC business in Chile has grown steadily in recent years, rising from CAD 273 million in 2002 to CAD 427 million in 2006. In the first half of 2007, EDC facilitated CAD 559 million in Canadian trade in Chile.
Canadian merchandise trade with South America has grown in value to CAD 3.5 billion last year from CAD 2.1 billion in 2002, up more than 66 per cent, while trade with Chile has expanded to CAD 427.7 million in 2006 from CAD 273.9 million in 2002, a gain of over 56 per cent.
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 6,400 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 six consecutive years.
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Media contacts:
Phil Taylor Public Affairs Export Development Canada (613) 598-2904 ptaylor@edc.ca
Claudio EscobarChief Representative, Brazil and Southern ConeExport Development Canada011 55 11 5509 4320cescobar@edc.ca
