OTTAWA, March 30 /CNW Telbec/ - Export Development Canada (EDC) announced
that it has today paid a dividend of CAD 350 million to its shareholder, the
Government of Canada. Total dividends paid to the shareholder since 1993
amount to CAD 470 million.
The dividend is the first to be paid under EDC's new Capital Adequacy
Policy, which was approved in June of 2006. EDC's capital underpins the
Corporation's capacity to fulfill its public policy mandate and ensure
financial sustainability for the future. EDC's capital is first and foremost
available to support Canadian exporters and investors for the benefit of
Canada. The Capital Adequacy Policy does recognize that there may be
situations where EDC's Board of Directors may consider a dividend payment when
the Corporation's capital exceeds forecast needs.
"EDC is a self-sustaining Crown Corporation that has built on its capital
base to grow its program, expanding Canadian trade and investment," said Eric
Siegel, President and CEO of EDC. "That effort has now allowed us to pay a
financial dividend to the Government of Canada in addition to the economic
dividend of growth in trade that we contribute to every year."
EDC's combined financing and insurance volumes reached a record
$66.1 billion in 2006, a 15 per cent increase over 2005. A record $15.2
billion of that volume was in trade with emerging markets and another $6
billion in Canadian direct investment abroad, increases of 14 per cent and 50
per cent, respectively, over 2005. EDC's net income in 2006 was $1.22 billion
compared to $1.29 billion in 2005.
Export Development Canada 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 7,000 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 and economic analysis and has been named one of
Canada's Top 100 Employers for 6 consecutive years.
For further information:
For further information: Media contact: Phil Taylor, EDC Public Affairs,
(613) 598-2904, firstname.lastname@example.org