Export Development Canada to finance Reliance gas project
10 Aug 2007
Canadian
export credit agency Export Development of Canada (EDC) will participate in a
10-year $2-billion loan syndication for Reliance Industries'' gas exploration and
development. EDC will invest $100 million in the syndication.
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The Canadian
agency currently facilitates approximately 48 per cent of Canada''s merchandise
trade with India and approximately 90 per cent of its customers are small and
medium-sized businesses.
Eric Siegel, president and CEO, EDC, says that the agency''s business has been growing in India keeping pace with the growth of Canadian exporters'' business links with the country. Its India-related business has grown from C$267 in 2003 to C$730 million at the end of C$730 million.
EDC has particularly highlighted the infrastructure, telecommunications, automotive, agri-food processing and storage, mining and energy sectors as growth areas for the Canada-India business.
It is currently planning on opening a second permanent Indian representation in Mumbai by the end of 2007.
In
2006 EDC facilitated $60.6 billion in transactions for
nearly 7,000 Canadian companies.