SINGAPORE, Feb. 15, 2012 /CNW/ - Export Development Canada (EDC) today
signed an agreement at the Singapore International Air Show with ICBC
Financial Leasing Co. to develop their mutual interest in the
procurement and leasing of various aircraft types manufactured by
ICBC Financial Leasing is a major player in the Chinese aircraft leasing
market, in addition to its activities in the global leasing market for
ships and industrial equipment. The agreement recognizes that both
Bombardier and ICBC Financial Leasing are well-positioned to serve
growing global demand for regional air travel.
"In working with Bombardier partners and customers in China, EDC hopes
to help create liquidity solutions to bring Canadian aircraft to this
important growing market, to the benefit of Canada's aerospace
industry," said Carl Marcotte, Vice-President, Transportation Group,
EDC. "We hope to develop near-term transaction opportunities in Europe
and Asia into financing commitments within the first half of the year."
In March 2011, Bombardier and ICBC Financial Leasing signed a separate
and detailed memorandum of understanding to provide leasing and other
financing, maintenance and service solutions for Bombardier's complete
product portfolio of commercial and business aircraft.
EDC has two permanent representations in China, located in Shanghai and
Beijing. In 2010, 375 Canadian companies used EDC products and
services to help undertake more than CAD 4.0 billion in trade within
the Chinese market.
Canadian merchandise exports to Canada for the period January to October
2011 were up 33 per cent year-on-year, reaching CAD 12.8 billion. This
equals the total merchandise export trade to China from Canada for all
In 2010, 954 Canadian exporters and investors in the transportation
sector used EDC products and services to facilitate more than CAD 9.8
billion in international business.
Regionally, 2,753 Quebec companies undertook more than CAD 22 billion of
their global trade using EDC's products and services in 2010.
EDC has a permanent presence in Shanghai, Beijing, Singapore, Mumbai,
New Delhi, Moscow, Istanbul, Düsseldorf, Abu Dhabi, Rio de Janeiro, São
Paulo, Lima, Mexico City, Monterrey, Santiago and Panama.
ICBC Financial Leasing is a strategic and wholly-owned subsidiary of
Industrial and Commercial Bank of China Limited, the world's largest
bank. For more information, visit ICBC Financial Leasing Co.
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
more than 8,200 Canadian companies and their global customers in up to
200 markets worldwide each year. EDC is financially self-sustaining and
a recognized leader in financial reporting and economic analysis.
SOURCE Export Development Canada
For further information:
Export Development Canada
Tel: (613) 598-2904