The Export Development Corporation (EDC) posted record year end results for 1998. The corporation provides financial and risk management services to Canadian exporters, serving a record 4,183 exporters last year — a 13% increase on 1997.
The EDC’s business volume grew by 21% in 1998 from a year earlier with a record $34.7 billion and net income rose by $7 million to $135 million. While the number of claims paid decreased 4% to 1,357, the dollar value of these claims jumped by 67% from $43 million in 1997 to $72 million, reflecting a more challenging international trade climate. “These results demonstrate the critical role EDC continues to play in helping Canadian businesses grow and prosper through international trade,” says EDC president Ian Gillespie. “Our solid financial performance will benefit Canadian exporters through enhanced financial capacity to support future risk-taking on their behalf.”