EDC welcomes positive Legislative Review report from Senate Committee on Foreign Affairs and International Trade



    OTTAWA, June 10 /CNW Telbec/ - Export Development Canada (EDC) today
welcomed the recommendations of a Senate Committee report on EDC's mandate and
operational effectiveness, which declared EDC "critical" to ensuring business
recovery.
    "EDC welcomes the report and its recommendations, and believes that the
review process has independently demonstrated that our strategic direction
remains focused on the best interests of Canada, its exporters and investors,
and our shareholder," said Eric Siegel, President and CEO of EDC.
    The report from the Senate Committee on Foreign Affairs and International
Trade was conducted as part of EDC's 10-year legislative review, a legal
requirement under the Export Development Act.
    The report concluded that "EDC's mandate remains relevant and beneficial
to Canada's trade and investment" and that "EDC's value has been reinforced by
the actions it has been taking to support the credit and insurance needs of
Canada's most vulnerable businesses and sectors in a changing global
environment."
    In Budget 2009, to help Canadian businesses during the credit crunch, the
Government of Canada gave EDC greater financial flexibility and, for a
two-year period, broadened its mandate and scope of activity.
    Senator Consiglio Di Nino, Chair of the committee, said: "We're convinced
that the short-term additional measures and resources granted to EDC in recent
months are critical in order to ensure that Canada's businesses remain
competitive."
    This report and the report prepared by International Financial Consulting
Ltd. are intended to support Government's review of EDC and guide future
decision-making about the role EDC can play in support of Canadian companies
over the next decade.

    For more information about the report, click here
(<a href="http://www.parl.gc.ca/40/2/parlbus/commbus/senate/com-e/fore-e/rep-e/FinalReportJun09-e.pdf">http://www.parl.gc.ca/40/2/parlbus/commbus/senate/com-e/fore-e/rep-e/FinalRe
portJun09-e.pdf</a>)

    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 8,300
Canadian companies and their global customers in up to 200 markets worldwide
each year. EDC is financially self-sustaining, a recognized leader in
financial reporting and economic analysis, and has been recognized as one of
Canada's Top 100 Employers for eight consecutive years.




For further information:

For further information: Media contact: Phil Taylor, Export Development
Canada, (613) 598-2904, Blackberry: ptaylor@edc.ca


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