NEWS RELEASES
EXPORT DEVELOPMENT CORPORATION REPORT SHOWS POSITIVE RESULTS FOR 1999
March 29, 2000 (2:20 p.m. EST) No. 58
EXPORT DEVELOPMENT CORPORATION REPORT SHOWS
POSITIVE RESULTS FOR 1999
International Trade Minister Pierre S. Pettigrew today tabled Export Development
Corporation's (EDC) 1999 Annual Report, which shows it helped thousands of
Canadian companies pursue business opportunities abroad.
EDC served a record 5 182 customers in 1999, an increase of 16 percent over the
previous year, states the Report, audited by the Auditor General of Canada. The
Corporation supported more than $40 billion in sales and foreign investments in
1999, an increase of 15 percent over 1998. EDC supported Canadian business in
171 countries and territories last year, including in Asia, Latin America and Russia..
"EDC made $118 million last year. At the same time, this Corporation has helped
thousands of Canadian companies do business abroad. That is good for our
economy and it is good for Canadians," Mr. Pettigrew said.
The report shows small and medium-sized businesses account for 88 percent of
EDC's customers, having received more than $6.1 billion in financing and insurance
in 1999, a 6.8 percent increase over 1998. The number of smaller exporters using
EDC services in 1999 rose 15 percent from the previous year to a record 4 550.
"These results demonstrate the critical role that trade finance plays in helping
Canadian companies realize their international business potential," Mr. Pettigrew
said.
The Corporation provides value-added service to Canadian companies while
encouraging careful financial management. EDC again received high marks for
customer service in 1999, scoring 80.4 out of 100 in its annual customer satisfaction
survey. That's up from a score of 79.8 in 1998.
"By helping to create trade finance capacity, EDC is increasingly a vital partner to
Canadian business as it seeks to build its competitiveness globally," said EDC
President and CEO, A. Ian Gillespie.
Founded in 1944, EDC is a Crown corporation that operates as a commercial
financial institution devoted exclusively to providing trade finance services in support
of Canadian exporters and investors. The Corporation's core competence is
enhanced through 14 sector teams, including agriculture, forestry, consumer goods,
aerospace and telecommunications.
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For further information, media representatives may contact:
Sylvie Bussières
Office of the Minister for International Trade
(613) 992-7332
Media Relations Office
Department of Foreign Affairs and International Trade
(613) 995-1874
Rod Giles
EDC Corporate Communications
(613) 598-2904
E-mail: rgiles@edc-see.ca
Web site: www.edc.ca
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