Friday, 5 February 2010

EDC signs first agreement with key bank in Brazil’s extractive hub

(BELO HORIZONTE, BRAZIL) – December 5, 2008 – Export Development Canada (EDC) today signed a memorandum of understanding (MOU) with Brazil’s Banco de Desenvolvimiento de Minas Gerais (BDMG) to formally enhance and broaden their relationship.

The MOU will be used to identify opportunities for EDC’s facilitation of financial support for BDMG projects and customers that engage Canadian goods and services.

“BDMG is the key financial institution in the State of Minas Gerais, the hub of Brazil’s growing extractive sector. EDC’s new partnership with BDMG will help expand business in Brazil for Canadian suppliers of all sizes,” said Benoit Daignault, EDC’s Senior Vice-President, Business Development, who signed the MOU on behalf of EDC.

Some 36 Canadian companies, subsidiaries or agents operate in the State of Minas Gerais. These companies primarily do business with Brazil’s top mining companies or with key companies in the industrial, services and information and communications technology sectors.

EDC’s business volume in Brazil reached CAD 2.2 billion by the end of October 2008, currently second only to its volume of activity in the United States. In 2007, EDC facilitated $1.5 billion in Canadian exports and investments in Brazil.

EDC is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by nearly 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been named one of Canada’s Top 100 Employers for eight consecutive years.

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