Export Development Canada (EDC) is Canada's export credit agency. It is a Crown corporation wholly owned by the Government of Canada, which provides financing and risk management services to Canadian exporters and investors in up to 200 markets worldwide, with 17 offices spread across all provinces in Canada, and permanent representations in 14 foreign markets.
As a Crown corporation, 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. The Corporation is financially self-sustaining. Its treasury and risk management strategies enable it to assist Canadian exporters without relying on tax dollars. 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.
EDC is governed by a Board of Directors composed of representatives primarily from the private sector. The Board's responsibility is to supervise the direction and management of EDC. The Board reports to Parliament through the Minister for International Trade. Board members are appointed by the Government of Canada.
EDC products and services include insurance, financing for Canadian companies and for their foreign customers, and bonding solutions, as well as information on opportunities in international markets.
In 2009, EDC facilitated $82.8 billion in exports, investment and domestic support in 187 markets. Approximately 80 per cent of EDC's customers are small and medium-sized businesses.
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. During the first year of this expanded mandate, EDC provided $2.5 billion in domestic support for 208 Canadian companies.
EDC publishes a quarterly magazine for Canadian Exporters, ExportWise (Exportateurs avertis in French). An online version of ExportWise debuted in 2009.
EDC was named one of "Canada's Top 100 Employers" and one of the "Best Employers for New Canadians" for 2010 by Mediacorp Canada Inc.
Read more about Export Development Canada: Board of Directors
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