Canada’s Export Development Corporation (EDC)has signed an agreement with the Export-Import Bank of the United States (Ex-Im Bank) to cooperate on promoting export transactions involving US and Canadian firms.
Under the agreement, Ex-Im Bank and EDC will share the financial risks and provide support for transactions involving goods and services from both countries. The agreement covers insurance, loan guarantees and direct financing.
“We hope that this cooperative agreement provides a model and paves the way for the financing of U.S.-Canadian projects in developing markets,” commented Ex-Im Bank Chairman James Harmon.He described the agreement “as another step in the right direction to deliver the same type of flexibility offered by a number of export credit agencies.
This marks the second co-financing agreement signed by Ex-Im Bank with another export credit agency. The first agreement was signed in January with the Export Credits Guarantee Department (ECDG) of the United Kingdom.