OTTAWA, March 14 /CNW Telbec/ - Export Development Canada (EDC) is
investing USD 50 million, its largest single equity investment to date, in the
proposed USD 1 billion infrastructure fund in India to provide Canadian
companies with new opportunities to participate in major projects in the
booming Indian market. The fund will be managed by IDFC Project Equity Company
The IDFC-sponsored India Infrastructure Fund will invest in
infrastructure projects involving energy and utilities, transportation,
telecommunications and social infrastructure in India.
"IDFC has a solid track record of project finance and private equity
experience in infrastructure in India, and is well positioned to become an
important partner for Canadian exporters in this priority market," said Eric
Siegel, President and CEO of EDC. "India's strong economic growth and
government initiatives to channel more private capital into all sectors are
expected to lead to massive infrastructure growth."
EDC's equity investments are adding capacity to the equity market in
Canada and building relationships and networks internationally through
investments in foreign funds. A growing portion of EDC's equity program is
focused upon emerging markets where they help to develop new potential
partners and customers for Canadian companies. In 2007, EDC approved CAD
190 million in investment commitments, of which CAD 140 million were in
IDFC Project Equity Company Limited is a wholly owned subsidiary of
Infrastructure Development Finance Company Ltd. (IDFC) based in Mumbai. IDFC
is a financial institution focused on project finance and investment banking
activities in infrastructure, and its mission is to be the financier and
advisor of choice for infrastructure in India.
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 seven consecutive years.
For further information:
For further information: Phil Taylor, Public Affairs, Export Development
Canada, (613) 598-2904, firstname.lastname@example.org