April 7, 1998 No. 88

EDC SIGNS FINANCING PROTOCOL WITH UKRAINE

International Trade Minister Sergio Marchi today welcomed the signing of a protocol between EDC (Export Development Corporation) and the National Agency of Ukraine for Development and European Integration. The protocol, which was signed by Roman Shpek, head of the Agency, and A.Ian Gillespie, President and CEO of EDC, in the presence of Minister Marchi, will provide a mechanism to facilitate EDC's financing activities in Ukraine.

"Today's signing marks an important day in Canada-Ukraine business relations," said Mr. Marchi. "Not only will this financing unlock some of the systemic barriers to Canadian businesses, but it will help Ukraine pursue a concerted economic and market reform."

"This protocol will supplement EDC's existing $US20 million line of credit with the State Export-Import Bank of Ukraine," said

Mr. Gillespie. "It also further supports Canadian exporters to do business in this market."

Canada's exports to Ukraine in 1997 were $25.9 million. Export financing from EDC is expected to contribute to the growth of trade in the future.

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For further information, media representatives may contact:

Leslie Swartman

Office of the Minister for International Trade

(613) 992-7332

Media Relations Office

Department of Foreign Affairs and International Trade

(613) 995-1874

This document is also available on the Department's Internet site: http://www.dfait-maeci.gc.ca