SANTIAGO, CHILE, Sept. 28 /CNW Telbec/ - Export Development Canada (EDC)
today announced that it has loaned USD 50 million to Corporacion Nacional del
Cobre de Chile (Codelco), Chile's state-owned copper production company.
The loan is EDC's participation in a USD 400 million syndicated loan that
will be used by Codelco for general corporate purposes. EDC is among six banks
acting as mandated lead arrangers.
"Today's transaction signals our ongoing commitment to Codelco, a key
partner for EDC as we seek to expand Canadian trade with Chile and promote
Canada's mining expertise internationally," said Stephen Poloz, Senior
Vice-President, Corporate Affairs and Chief Economist of EDC. Mr. Poloz made
the comments during a speech given in Santiago, Chile.
EDC has previously provided financing to Codelco in support of Canadian
companies providing supply and services to them. Codelco's procurement from
Canadian sources continues to grow, as it does in Chile overall. EDC business
in Chile has grown steadily in recent years, rising from CAD 273 million in
2002 to CAD 427 million in 2006. In the first half of 2007, EDC facilitated
CAD 559 million in Canadian trade in Chile.
Canadian merchandise trade with South America has grown in value to CAD
3.5 billion last year from CAD 2.1 billion in 2002, up more than 66 per cent,
while trade with Chile has expanded to CAD 427.7 million in 2006 from CAD
273.9 million in 2002, a gain of over 56 per cent.
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 6,400 Canadian
companies and their global customers in up to 200 markets worldwide each year.
EDC is financially self-sustaining and is a recognized leader in financial
reporting, economic analysis and has been named one of Canada's Top 100
Employers for six consecutive years.
For further information:
For further information: Media contact: Phil Taylor, Public Affairs,
Export Development Canada, (613) 598-2904, firstname.lastname@example.org; Claudio Escobar,
Chief Representative, Brazil and Southern Cone, Export Development Canada, 011
55 11 5509 4320, email@example.com