OTTAWA,
Nov. 28, 2012 - Export Development Canada (EDC) today announced it has
provided the equivalent of USD 300 million to Comisión Federal de
Electricidad (CFE), Mexico's national electricity company, to help
increase opportunities for Canadian companies operating in Mexico.
The
financing will be provided in Mexican pesos, reflecting the local
currency preference by CFE to help them better match their revenues and
expenses.
"Increasing
the presence and profile of Canadian companies that have invested in
the Mexican market, particularly among large corporate players with
significant supply chain needs, is what EDC's work with CFE is really
about," said Rajesh Sharma, Senior Vice-President, Business Development,
EDC.
"By
providing local-currency financing, EDC is able to open doors for
Canadian companies by being a valued lender for large corporations with
significant, and international, supply chains. It's about creating trade
opportunities, rather than just responding to them."
Calgary's
TransCanada is among the significant Canadian investors in Mexico and
has multiple long-term service contracts with CFE.
"This
is EDC's second loan with CFE in the past two years, positioning EDC as
a key relationship bank for this important player in a key export
sector and market for Canadian expertise," said Sharma. "Having a
permanent presence in their market allows us to get to know our
customers on a deeper level, better understanding and anticipating their
needs, and CFE is a great example of this approach."
Last
year, EDC helped 722 Canadian companies undertake nearly CAD 2.5
billion in business in Mexico, primarily in the light manufacturing,
transportation and infrastructure/environment sectors.
EDC
recently celebrated the 10-year anniversary of its permanent
representation in Mexico. Since its opening, Canadian companies have
used EDC's market representatives to complete more than CAD 20 billion
in business in this market.
Between
2007 and 2011, EDC has worked with over 880 Canadian companies in the
energy sector, in over 120 markets, helping them win and deliver upon
CAD 67.8 billion in export trade.
In
2011, more than 600 Albertan companies used EDC's products and/or
services in their efforts to grow their international business across
100 markets, to a value of CAD 11.9 billion.
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 7,700 Canadian companies and their global customers in up to
200 markets worldwide each year. EDC is financially self-sustaining and a
recognized leader in financial reporting and economic analysis.
For further information:
In Canada:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
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