East West Debt, solving defaulted trade and bank debt

 about the EDC, Export Development Canada

EDC is a financial institution that provides Canadian exporters with insurance, financing, and bonding services.

• EDC is a Canadian financial institution devoted exclusively to providing trade finance services to support Canadian exporters and investors in some 200 markets, 130 of which are in developing markets.
• EDC's commercial orientation means EDC operates like a business, collecting interest on loans and premiums for insurance. This allows EDC to be financially self-sufficient, unlike most ECA's (Export Credit Agencies ) which rely on government subsidies.
• EDC's public policy or social mandate means EDC acts as a bridge between the support provided by commercial banks and what exporters need to succeed in export markets. EDC does this in a number of ways such as providing export credit insurance, which protects customers against events outside of their control such as a buyer refusal to pay. This insurance is also used by the exporter to free up working capital with their banks because the bank is confident the exporter will collect payment either from the buyer or EDC. top
• As a Canada Crown corporation, the EDC operates at arm's length from government and according to commercial principles. Our mandate is spelled out in the Export Development Act and like most Crown Corporations EDC falls under the Financial Administration Act. This means EDC is required to submit an annual report, corporate plan and operating budget and is subject to audits by the Auditor General.
• Governance policies and practices are determined by EDC's Board of Directors. The Board has 15 directors, drawn mainly from the private sector. Each director, other than the Chairman and the President, is appointed by the Canadian Minister for International Trade with the approval of the Governor in Council to hold office for such terms as it feels appropriate.
• World accountability
  As an export credit agency, EDC is also subject to world standards and principles which we help to formulate. As a member of the Organization for Economic Cooperation and Development (OECD), for example, EDC helped to formulate the guidelines setting out the terms and conditions permitted in non-market business to prevent a destructive and costly export credit race among governments seeking to promote their national exports. top
• EDC's business is also subject to the provisions of the World Trade Organization's Countervail Measures Agreement governing all international trade. This basically says that all government-backed institutions operate according to market forces except for the conditions outlined in the OECD arrangement.
• Social responsibilities
  As a Crown corporation, EDC also has a social responsibility. This means EDC only advances trade initiatives when they do not interfere with Canada's standing as a civil society. For example, EDC abides by the government's Export and Import Permits Act where EDC does not do business with countries considered to be abusive of human rights.

Links ECA's:
CESCE COFACE COSEC DUCROIRE EKF ECGD EDC EKN ERG EXIM EXPORTERS FINNVERA GERLING-NCM GIEK HERMES HKECIC JBIC KEIC MIGA OeKB SACE