NEWS RELEASES

October 26, 2004 (3:00 p.m. EDT) No. 123

PETERSON RECOGNIZES PROGRESS BY EDC
ON ENVIRONMENTAL REVIEW PRACTICES

International Trade Minister Jim Peterson today welcomed the findings of the second audit report from the Office of the Auditor General on the environmental review practices of Export Development Canada (EDC).

“The new audit report gives EDC excellent marks on both the design and the implementation of its environmental review procedures, while also recommending additional steps to increase transparency,” said Mr. Peterson.

In 2001, the Auditor General released a first audit report that expressed concern with EDC’s disclosure practices and with the gaps that existed between the design and implementation of EDC’s Environmental Review Framework. At the time, the International Trade Minister requested that the Auditor General undertake another audit after two years. EDC has since established a world-class environmental team and adopted a new framework to review its projects. The Auditor General’s latest report is the response to that request.

The review also found that EDC’s current environmental review policies are consistent with those of other export credit agencies.

“EDC has refined its framework to keep Canadian exporters competitive in world markets while reflecting Canadian values on the environment,” Minister Peterson added.

- 30 -

For further information, media representatives may contact:

Jacqueline LaRocque
Director of Communications
Office of the Minister of International Trade
(613) 992-7332

Media Relations Office
Foreign Affairs Canada and International Trade Canada
(613) 995-1874
http://www.international.gc.ca