MUMBAI, India--(BUSINESS WIRE)--Export Development Canada (EDC), Canada’s dynamic export credit agency, today announced its new and first global branch outside of Canada, in Singapore.
EDC’s foreign representations in Mumbai and Delhi will continue to operate and build relationships in the country. However, EDC’s new branch will bring its global-scale financing business closer to projects and companies in India by negotiating and executing financing transactions from Singapore.
“EDC’s new branch can process transactions in real time for Indian companies, eliminating the previous 12 hour delay to connect back to our financing team in Canada,” says Bill Brown, Regional Vice-President, Asia, EDC. “EDC’s financial services are now offered more quickly and effectively, which will significantly benefit Indian companies.”
In October 2016, EDC provided the first ever ECB rupee loan to Infrastructure Leasing and Financial Services (IL&FS), demonstrating EDC’s commitment to meet the needs of Indian businesses in the currency of their choice.
“EDC is now looking to offer this service to more companies in India,” says Mr. Brown. “The new branch in Singapore will not only play a large role in making local currency financing more accessible to Indian corporates, but also in increasing the total amount of business facilitated between India and Canada.”
The new Singapore branch is expected to play an important role in doubling EDC’s loan bookings by 2021, when it hopes to be providing over USD 4 billion in new commercial financing annually. EDC’s focus will be developing financing relationships with corporations and project owners in India that may already have Canadian suppliers, or where there is potential for future Canadian supply. EDC can also support Canadian foreign investment and foreign investment into Canada where there is a direct link to Canadian exports.
In addition, EDC will actively pursue opportunities to partner with commercial banks within club and syndicated financing facilities of select corporations in India.
“India’s economy is growing at an exceptional pace and Indian companies need the capital to support their growth aspirations and trade focused business,” said Mr. Brown. “EDC offers Indian corporations a stable, global-scale financier with a long-term partnership horizon. Not only do we provide financing, but we can help your company reduce costs, be more productive, and more innovative by introducing Canadian technology and expertise.”
In the past five years, EDC helped facilitate over CAD 10 billion in business between Indian and Canadian companies, through the entire range of its financial solutions.
Key sectors of interest for EDC in the Indian market are infrastructure (including power and clean technology), information and communications technology, with additional interest in oil and gas, agri-food and transportation (aerospace and rail).
In 2016, EDC supported nearly 340 companies in India, who were key drivers of the CAD 34 billion in two-way trade over the last five years between Canadian companies and Indian companies and consumers.
India is a strategic market for Canada and is also a market of corporate priority for EDC. EDC is looking to grow the amount of financing that it offers to Indian companies for their capital expenditures, whether the financing be for general corporate purposes or project finance purposes.
EDC also has permanent representations in Mumbai, Delhi, Jakarta, Beijing, Shanghai, Bogotá, Rio de Janeiro, São Paulo, Lima, Mexico City, Monterrey, Santiago, Moscow, Johannesburg, Dubai, Istanbul, London, and Düsseldorf.
EDC is Canada’s export credit agency, providing financial services for companies that buy from Canadian companies, or those that have Canadian supply and services in their corporate value chains. EDC’s financing can be used for capex and/or project finance requirements, either through bilateral or syndicated corporate facilities. Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private-sector financial institutions to share risk and create greater capacity for Canadian trade transactions. EDC is committed to Corporate Social Responsibility, and it takes into account the environmental and social impacts of its transactions.