Chicago will serve as Midwest hub for Canadian trade finance institution
Export Development Canada will partner with regional banks to provide large scale financing to U.S. corporations and expand trade with the Midwest
CHICAGO, May 30, 2019 /PRNewswire/ - Canada does more trade with the Midwest than any other region of the U.S., a relationship driven by geographic proximity, similar economic makeup and shared culture. As the Midwest's business and financial center, Chicago sets the rhythm for the region and it will serve as the location for Export Development Canada's second representation in the U.S.
Officially launching tonight at 360 Chicago, EDC's new representation will be a source for commercial financing to U.S. corporations and project owners either already buying from Canadian suppliers or with a strong potential to buy from them. Financing will mostly be provided by co-lending alongside other regional financial partners.
"Canada's historic relationship with the Midwest is based on generations of cross-border trade and investment serving both our economies," said Mairead Lavery, President and CEO of EDC.
"By being on the ground in Chicago, EDC is better placed to build on these already strong connections. We'll be closer to the companies and banks that drive business in the region, and as an international lender and supply-chain talent scout, can create even more trade and investments on both sides of the border."
The Midwest has an industrial base that aligns well with Canadian expertise, and EDC's focus will be on finding opportunities in key sectors like automotive, rail transportation, retail, advanced technology and agriculture. EDC's representation in Chicago will serve key states in the region, including Illinois, Minnesota, Wisconsin, Michigan, Ohio, and Indiana.
"The opening of EDC's new representation in Chicago demonstrates Canada's ongoing understanding of the importance of the U.S. Midwest and the strength of our bilateral relationship in the economic heartland of the United States," said Consul General of Canada in Chicago, John Cruickshank.
"Canadian exporters will benefit from enhanced Canadian representation and services that result from EDC's partnership with Canada's Consulate offices in Chicago as well as those in Detroit and Minneapolis."
In addition to being a source of financing to U.S. corporations, EDC can facilitate introductions to Canadian companies that will help solve their business challenges. These matchmaking solutions can help U.S. companies reduce costs, increase efficiency, and drive innovation by tapping them into Canadian suppliers handpicked to suit their needs. EDC can also support Canadian investors – specifically private equity and pensions funds – looking to grow in the region.
Chicago is EDC's 20th international representation. The corporation also has locations in Atlanta, Mexico City, Monterrey, Bogotá, Lima, Santiago, Rio de Janeiro, São Paulo, Düsseldorf, Istanbul, London, Johannesburg, Dubai, New Delhi, Mumbai, Beijing, Shanghai, Singapore, and Sydney.
About EDC
EDC is Canada's export credit agency, providing financial services to companies that buy from Canadian companies, or those that have Canadian supply and services in their corporate value chains. EDC's financing can be used for capex and/or project finance requirements, either through bilateral or syndicated corporate facilities. Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private-sector financial institutions to share risk and create greater capacity in transactions. Underlying all EDC's support is a commitment to sustainable and responsible business.
SOURCE Export Development Canada
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