EDC signs deal with ICBC
Feb. 15, 2012, Singapore - Export Development Canada announced a deal with a major China-based leasing company Wednesday aimed at promoting the use of Bombardier Inc. aircraft in that country and elsewhere.
The deal, signed at the Singapore International Air Show, is with ICBC Financial leasing company, a major player in the Chinese aircraft leasing market in addition to its activities in the global leasing market for ships and industrial equipment.
"In working with Bombardier partners and customers in China, EDC hopes to help create liquidity solutions to bring Canadian aircraft to this important growing market, to the benefit of Canada's aerospace industry,'' said Carl Marcotte, vice-president, Transportation Group, EDC.
"We hope to develop near-term transaction opportunities in Europe and Asia into financing commitments within the first half of the year,'' Marcotte , said in a release.
Last March, Bombardier and ICBC Financial Leasing signed a separate memorandum of understanding to provide leasing and other financing, maintenance and service solutions for Bombardier's complete product line of commercial and business aircraft.
ICBC Financial Leasing is a strategic and wholly-owned subsidiary of Industrial and Commercial Bank of China Ltd., the world's largest bank.
The EDC is Canada's export credit agency, offering commercial solutions to help Canadian exporters and investors expand their international business.
EDC has two permanent representations in China, located in Shanghai and Beijing. In 2010, 375 Canadian companies used EDC products and services to help undertake more than $4 billion in trade within the Chinese market.
Canadian merchandise exports to China for the period January to October 2011 were up 33 per cent year-on-year, reaching $12.8 billion. That equalled the total merchandise export trade to China from Canada for all of 2010.
In 2010, 954 Canadian exporters and investors in the transportation sector used EDC products and services to facilitate more than $9.8 billion in international business, the agency said.