Export Development Corp.’S Business Reaches New High

Export Development Corporation, which provides financial and risk management services to Canadian exporters, served a record 4,183 customers, a 13 percent increase from the previous year. Business volume grew by 21 percent in 1998 from a year earlier to a record $34.7 billion and net income rose by $7 million to $135 million. The number of claims paid decreased four percent, however the dollar value of these claims jumped by 67 percent from $43 million in 1997 to $72 million, reflecting a more challenging trade climate, according to a report released by EDC.

“These results demonstrate the critical role EDC continues to play in helping Canadian businesses grow and prosper through international trade,” says EDC president and CEO A. Ian Gillespie.

Nearly 90 percent of EDC’s customers are small or medium-sized companies. EDC served more than 3,600 of these customers in 1998 and provided more than $5.7 billion in financing and insurance in 150 countries. This business volume with smaller and medium-sized companies represents a 21 increase over 1997 results.