(OTTAWA) November 29, 2007 Export Development Canada (EDC) today signed a cooperation agreement with Russia's state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank). The agreement was signed in conjunction with the visit of Russian Prime Minister Viktor Zubkov to Ottawa.
"Having a similar agency working together on projects with EDC will ultimately benefit both Russia and Canada as we jointly pursue developmental opportunities in Russia, including possible Canadian involvement in the development of facilities for the 2014 Sochi Winter Olympics," said Benoit Daignault, Senior Vice President of Business Development for EDC as he signed the agreement on Parliament Hill today with Vladimir Dmitriev, Chairman of Vnesheconombank.
EDC and Vnesheconombank signed the Cooperation Agreement to promote trade and investment between Canada and Russia through the provision of financial services, such as EDC financing to Vnesheconombank for projects in Russia involving Canadian participation, pre-export financing from Vnesheconombank and EDC for Canadian subsidiaries operating in Russia, and joint cooperation for Canadian-Russian projects in third countries.
About VnesheconombankVnesheconombank acts to promote competitiveness of the Russian Federation economy, its diversification, encouragement of investment activity through investment, foreign economic, insurance, consultancy and other activity contemplated hereby in order to implement projects in the Russian Federation and abroad, including projects involving foreign capital, aimed at development of infrastructure, innovations, special economic zones, environmental protection, support of export of Russian goods, works and services, as well as small and medium business support.
About EDCEDC 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 seven consecutive years.
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Media contact: Phil Taylor Public Affairs Export Development Canada (613) 598-2904 ptaylor@edc.ca
