OTTAWA, Dec. 8, 2015 /CNW/ - Export Development Canada (EDC) today announced $16M CAD in financing for LCI Education, a vast network of educational institutions specializing in fashion, design, hotel management, business and technology.
LCI Education will use the financing to help with the costs of acquiring and renovating a new campus in Melbourne, Australia, the 22nd member of their network.
"We are pleased to have EDC's support once again," said Claude Marchand, President and CEO of LCI Education. "With this financing, LCI Education will be able to reinforce its presence in the Asia-Pacific region and give us a presence on all continents."
EDC has provided LCI Education with financing in the past for the construction of their new campus in Bogota, Colombia.
"We aim to make exporting as easy as possible for businesses. When you're not worrying about financing, you have more time to spend on other areas of your business," said Mairead Lavery, Senior Vice-President, Business Development, EDC. "In LCI Education's case, EDC's support will help to continue their international expansion without continually leveraging their domestic assets."
"EDC's help in financing our real estate is instrumental in surmounting the complexities of other international markets and in creating a credible study environment for students," said Marchand. "We see a lot of value in our partnership."
LCI Education traces its origins back to LaSalle College in Montreal, which was founded in 1959. The group opened its first international campus in Casablanca, Morocco in 1989. This triggered a period of massive expansion. Read more about how LCI Education network has successfully exported Canadian education on exportwise.ca.
EDC is Canada's trade finance agency dedicated to helping Canadian businesses grow by selling outside of Canada.
EDC provides commercial financing, insurance, and bonding products to Canadian companies, and their foreign customers, making it easier for both parties to do business and help grow Canadian trade overall.
About LCI Education
Now present on five continents, the LCI Education network has 22 postsecondary campuses and some 1,500 employees who train more than 10,000 students around the world every year. LCI Education is known as a leader in online training in Canada. LCI Education encourages program harmonization across the various countries in order to ensure greater flexibility, better control over the quality of its services and respect for cultural diversity.
EDC is Canada's trade finance agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works with private- and public-sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment. For more information about how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
SOURCE Export Development Canada
For further information: Spokesperson, Caroline Elie, Export Development Canada, (613) 598-3063, [email protected]