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EDC Reports Record Levels of Support for Canadian Companies in 2016Export Development Canada's (EDC) year end results show a significant increase in the amount of transactions that supported the international business of Canadian companies in 2016, as well as a record CAD 28 billion in financing transactions. "EDC's customers continued to expand their trade and investments outside Canada despite the headlines that suggest a global slowdown in trade-related activity. We are particularly enthused to see a greater number of smaller companies engaging with international markets and increasingly interested in making foreign investments," said Benoit Daignault, President and CEO, EDC. Mr. Daignault explained that "EDC's unique global financial, risk, and trade expertise allowed us to deliver real value to customers in a challenging environment, which provided the support they needed to ensure successful outcomes for their business." EDC noted several key achievements in 2016, including:
"EDC's ability to extend more financial support to Canadian companies during challenging times is predicated upon a strong balance sheet, and we finished 2016 with total assets growing to $63 billion and a net income of $1 billion," said Ken Kember, Senior Vice-President, Finance and Technology Group and Chief Financial Officer. "These positive results also allowed EDC to declare a dividend of $786 million to our shareholder, the Government of Canada." EDC is the leading provider of financing and insurance solutions for small- to medium-sized Canadian companies engaging in international trade. EDC is also a global financing partner to Canada's large anchor companies, who often bring along smaller Canadian suppliers when they expand into new markets. "An increasingly important part of Canada's trade story is the additional business activity generated by foreign investments," added Mr. Daignault. "Canadian companies with foreign affiliates have reported additional sales that created positive impacts on employment at the Canadian parent. EDC is there to support these foreign investors with 19 representations around the globe, including new locations in Jakarta and London added in 2016." Central to EDC's business focus are the following four key areas that bring value to Canadian exporters and investors: Providing a financial toolkit for small- and medium-sized enterprises (SMEs)
Enabling Canadian business in emerging markets
Facilitating Canadian direct investment abroad (CDIA)
Creating opportunities by connecting Canadian companies with foreign buyers
EDC released highlights of its 2016 corporate results today following a meeting of the Board of Directors. A complete Annual Report will be released in the second quarter. About EDC EDC helps Canadian companies go, grow, and succeed in their international business. As a financial Crown corporation, EDC provides financing, insurance, bonding, trade knowledge, and matchmaking connections to help Canadian companies sell and invest abroad. EDC also provides financial solutions to buyers of Canadian goods and services around the world. For more information about how EDC can help your company, call 1-888-434-8508 or visit www.edc.ca.
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