Export Development Canada Sets up New and First Financing Branch in Singapore, Forecasting Significant Growth in New Loans for Chinese Companies

SHANGHAI, June 29, 2017 /PRNewswire/ --

• Singapore branch to help EDC representations in China  diversify its loan bookings with Chinese companies 
• New Chief Representative to target clean technology, transportation, and healthcare sectors 
• Potential to partner with commercial banks in syndicated financing facilities for Chinese companies to support their trade-focused businesses 
• New branch office to support and augment current representations in Shanghai and Beijing 

Export Development Canada (EDC), Canada's dynamic export credit agency, recently opened its first global branch outside of Canada in Singapore to help grow its business in China.

"EDC's new branch can process transactions in real time for Chinese companies, eliminating the previous 12-hour delay to connect back to our financing team in Canada," said Chia Wan LIEW, EDC's Chief Representative for the Greater China region. "EDC's financial services are now offered more quickly and effectively, which will significantly benefit Chinese companies looking for growth capital or working capital support."      

EDC's new branch in Singapore will bring its global-scale financing business closer to projects and companies in China by negotiating and executing financing transactions in their preferred time zone, reflecting the growing importance of the Chinese market to Canada. EDC's foreign representations in Shanghai and Beijing will continue to operate and build relationships in China.

EDC's focus will be developing financing relationships with corporations and project owners in China that may already have Canadian suppliers, or where there is potential for future Canadian supply.  EDC can also support Chinese foreign investment into Canada where there is a direct link to Canadian exports.

In addition, EDC will actively pursue opportunities to partner with commercial banks within club and syndicated financing facilities of select corporations in China.

Key facts:

• In 2016, EDC supported over 600 companies in China and helped facilitate CAD 5.6 billion in business between Chinese and Canadian companies through the entire range of its financial solutions.
• EDC currently has a strong aerospace portfolio in China with over CAD 650 million of direct financing closed in 2016.
• China is an active destination for Canadian Direct Investment Abroad. In 2016, EDC delivered a combination of insurance and financing solutions to help 39 Canadian companies expand into China.