Export Development Canada

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 The Export Development Act proclaimed on October 1, 1969, repealed Part 1 of the Export Credits Insurance Act and established the Export Development Corporation (EDC) as successor to all property, rights, and obligations.[9] In 2001, EDC changed its name from Export Development Corporation to Export Development Canada[10]

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.[11]

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 Sustainability Responsibility (CSR) commitments; and ensures the sound financial management of its activities.[12]

EDC publishes an online magazine for Canadian Exporters, ExportWise (Exportateurs avertis in French).

In 2011, EDC and BDC (Business Development Bank of Canada) announced the signing of a new protocol to coordinate collaborative efforts between the two Crown corporations to better benefit Canadian businesses.[13]

In addition to the Ottawa headquarters, EDC operates from 21 regional offices in Toronto, Kitchener, London, Mississauga, Windsor, Vancouver, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Montreal, Sherbrooke, Brossard, Drummondville, Quebec, Saint-Laurent, Halifax, Moncton, St. John's, Charlottetown; as well as representation abroad including Mexico, Peru, China, India, Chile, Colombia, Brazil, Germany, South Africa, Singapore, Australia, United States, and more.

EDC provides trade credit insurance and export financial services, bonding products and small business solutions to Canadian exporters and investors and their international buyers. EDC also supports Canadian direct investment abroad and investment into Canada. Much of its business is done in partnership with other financial institutions and through collaboration with the government of Canada. EDC’s business solutions can help companies who want to:[14]

• Grow their business internationally
• Get financing
• Protect against risk
• Free up working capital
• Invest in foreign markets
• Access trade knowledge and tools

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.[15]

Corporate Sustainability and Responsibility is an operating principle at EDC,[16] as demonstrated through the continuing partnership with CARE Canada.[17] as well as various awards and recognitions given to the company (See Awards and recognitions section).

Youth Education Program[18] – International Business Scholarships: EDC awards up to 30 scholarships annually, 25 of which go to undergraduate university or college students interested in pursuing a career or furthering their studies in international business, with up to 5 additional scholarships for students in programs which combine business with environmental or sustainability studies. An EDC scholarship is worth a $4,000 cash award.

EDC participates in many events, both their own hosted and partnered events, including conferences, webinars, matchmaking sessions, and roundtable discussions.

EDC events include:

Lets Talk Exports: Each spring, EDC’s Vice-President and Chief Economist travels across Canada to share his view on the global economy.[19]

Global Export Forecast: EDC’s Vice-President & Chief Economist provides attendees an insightful look at what Canadian exporters and investors may expect for the upcoming year. The Global Export Forecast is produced twice per year in April and October.[20]