Canada’s export credit agency, which backs and finances deals involving Canadian firms selling overseas, is launching an Atlanta office later this month.
Export Development Canada, an agency similar to the Export-Import Bank of the U.S., has put its Southeast regional office, its 20th worldwide, within the Canadian consulate in Midtown.
A launch reception will be held April 24, preceded the day before by invitation-only events including an economic forum at the Federal Reserve Bank of Atlanta and an executive luncheon at the Four Seasons hotel. EDC President and CEO Mairead Lavery will be on hand for the events.
Unlike some government banks, EDC is self funded and operates like a commercial institution at arms length from the government, charging interest on its loans and credit insurance products.
Among its many offerings are loan guarantees, export credit insurance and even buyer financing, an option that result in loans for U.S. companies purchasing from a Canadian supplier. EDC’s Export Guarantee enables private banks to underwrite cross-border deals with the assurance of repayment.
EDC actively encourages small-business trade, especially in emerging markets. The agency often works with the Canadian Trade Commissioner’s Service to match small and medium-sized businesses with trade opportunities, using its longstanding commercial ties to encourage overseas buyers to procure from Canadian firms.
The agency has helped facilitate more than $1.4 trillion in Canadian exports since its founding in 1944, working with 9,400 Canadian companies in 2017 alone to underpin $104 billion in deals, generating about 4 percent of Canadian GDP and supporting an estimated 523,808 jobs.
Canada is the state of Georgia’s third largest source of imports, showing there is ample room for the EDC to work with local buyers of Canadian products, as well as Canadian firms setting up shop here. The EDC even supports foreign investment into Canada.
“EDC’s decision to open its first office is Atlanta only bears witness to the strong and growing Trade and Investment relationship between Canada and the Southeast,” Canadian Consul General Nadia Theodore told Global Atlanta in an emailed statement. “The area has demonstrated an openness towards global business, exhibited significant growth, and has become an area of interest by Canadian companies looking to increase their presence in the U.S.”
The announcement of the new office comes amid tensions in the trading relationship with the U.S. Ratification of the trade agreement designed as a successor to NAFTA, the USMCA, is still up in the air, and Canadian producers remain subject to steel and aluminum tariffs in the U.S.
Financial firms and consultants, corporations or companies looking to do business with Canada and seeking to be included in the events should contact Christelle Shirandi at email@example.com.
The arrival of the credit agency is one topic set to be discussed at Global Atlanta’s Consular Conversation luncheon and interview with Ms. Theodore on May 2. Learn more about that event here.
Learn more about EDC at its website.