NEWS RELEASES

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