EDC provides USD 200 million loan to Chile's Codelco

OTTAWA, Nov. 24 /CNW Telbec/ - Export Development Canada (EDC) today announced that it loaned USD 200 million to Chile's state-owned copper production company, Corporación Nacional del Cobre de Chile (Codelco), to encourage the purchase of Canadian equipment, technology and services.

"Canada is the largest investor in Chile's mining sector and EDC's financing is designed to help Canada maintain this competitive edge in the region," said Benoit Daignault, EDC's Senior Vice-President, Business Development. "Over the past five years, EDC financing to Codelco has helped promote more than CAD 750 million worth of purchases from Canada, involving nearly 150 suppliers of everything from engineering services to environmental technologies."

EDC recently organized a trade mission into Canada for Codelco executives to meet with Canadian suppliers and investors. Over the next decade, Codelco plans to invest more than CAD 11.5 billion to expand its production capacity.

Canada is the third largest foreign investor in Chile. Today, more than half of Canadian companies operating in the region turn to EDC for credit insurance, bonding or financing services. EDC services to Canadian exporters and investors in Chile have grown in value from CAD 300 million in 2002 to CAD 950 million in 2008, involving nearly 300 Canadian firms. Since mid-2008, EDC has maintained a representation in Santiago, Chile, to further build business and financial relationships in the region and to facilitate trade for Canadian companies.

Codelco is the largest copper producer in the world and one of the largest companies in Chile.

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 nine consecutive years.

SOURCE Export Development Canada

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

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