Export Development Canada
 |
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| Crown Corporation, Financial Services | |
| Industry | Financial Services, Credit Insurance |
| Founded | Ottawa, Ontario, Canada, 1944 |
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Key people
|
Benoit Daignault (President and CEO) |
| Total assets | $41,516 Million (F2013) |
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Number of employees
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1,200 (F2013) |
| Website | EDC |
Export Development Canada (EDC; French: Exportation et développement Canada) is Canada's export credit agency and a State-owned enterprise wholly owned by the Government of Canada. Its mandate is to support and develop trade between Canada and other countries and Canada's competitiveness in the international market-place. EDC products and services include trade credit insurance, export financing for Canadian companies and for their foreign customers, bonding solutions, international market expertise, as well as information on opportunities in international markets.
EDC was founded in 1944. Its corporate headquarters is located in Ottawa and has 17 regional offices across Canada and permanent representations in 12 foreign markets.
In 1944, the Export Credits Insurance Act was proclaimed. Export Credit Insurance Corporation (ECIC) was created following WWII to help stimulate the Canadian economy, create jobs and help Canadian exporters. The Export Development Act proclaimed on October 1, 1969, repealed Part 1 of the Export Credits Insurance Act and established the Export Development Corporation (EDC) as successor to all property, rights, and obligations. In 2001, EDC changed its name from Export Development Corporation to Export Development Canada
EDC operates at arm's length from the federal government and according to commercial principles. EDC's mandate is spelled out in the Export Development Act. In response to the global credit crunch, in 2009 the Government of Canada broadened EDC's mandate and scope of activity for a two-year period to include support for domestic trade and domestic business opportunities. The period was extended to March 12, 2014.
The Corporation is financially self-sustaining. EDC raises funds by charging fees for its services and interest on its loans, as well as issuing debt in capital markets.
EDC operates according to a Corporate Plan approved annually by the federal government, and its Operating Principles dictate that it conducts its business in a manner that is respectful of applicable international agreements to which Canada is a party; is consistent with its Corporate Social Responsibility (CSR) commitments; and ensures the sound financial management of its activities.
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