Export Development Canada will partner with regional banks to provide large scale financing to U.S. corporates and expand trade with the southeast
ATLANTA, April 25, 2019 /PRNewswire/ - The economic strength of the U.S. southeast, the diversity of its sectors and the presence of Fortune 500 companies all make Atlanta the perfect landing spot for Export Development Canada's (EDC) first representation on American soil.
Officially launched yesterday at an event at the Botanical Gardens in midtown, EDC's new representation will be a source for commercial financing to U.S. corporations and project owners either already buying from Canadian suppliers or with a strong potential to. Financing will mostly be provided by co-lending alongside other regional financial partners.
"Success in international trade comes down to relationship-building. It's not just about getting goods and services across the border - trade is about people," said Mairead Lavery, President and CEO of EDC.
"Atlanta is the perfect hub for building these relationships, expanding our networks and in the process, growing Canada's business profile in the region. Our aim is to strengthen an already strong trading relationship between our two countries."
"Of all the cities in the U.S., it is wonderful that EDC chose Atlanta for their first American representation," said Nadia Theodore, Consul General in Atlanta.
"This city has demonstrated an openness towards global business, exhibited significant growth and has become an area of interest for Canadian companies seeking to grow in the U.S. market. I'm excited about the opportunities that EDC – working hand-in-hand with my office and the Trade Commission Service – can provide to local buyers of Canadian products and American companies seeking to invest in Canada."
The southeastern U.S. has a diverse industrial base that aligns well with Canadian capabilities, including retail, aerospace, forestry, advanced manufacturing (including automotive) and advanced technology.
In addition to being a source of financing to U.S. corporations, EDC can facilitate introductions to Canadian companies that will help solve their business challenges. These matchmaking solutions can help U.S. companies reduce costs, increase efficiency, and drive innovation by tapping them into Canadian suppliers handpicked to suit their needs. EDC can also support Canadian investors – specifically private equity and pensions funds – looking to grow in the region.
"Being selected as the site of EDC's first U.S. representation bolsters metro Atlanta's reputation as a top-tier global competitor," said Hala Moddelmog, president and CEO of the Metro Atlanta Chamber. "It also solidifies the long-standing relationship that our region has with Canada and will drive new investment across industry sectors like cybersecurity, fintech, IoT and supply chain, where metro Atlanta companies are already leading and innovating."
Michael Gonsalves is EDC's Senior Regional Manager based in Atlanta who will be responsible for the southeast region. A native of southern Florida, Michael is a former vice president in private banking at SunTrust where he led a team in Atlanta and Miami developing and managing private wealth relationships. He has 15 years of experience in private wealth management.
Atlanta is EDC's 19th international representation. The corporation also has locations in Mexico City, Monterrey, Bogotá, Lima, Santiago, Rio de Janeiro, São Paulo, Düsseldorf, Istanbul, London, Johannesburg, Dubai, New Delhi, Mumbai, Beijing, Shanghai, Singapore, and Sydney. In May EDC will launch its second U.S. representation – and it's 20th internationally – in Chicago.
EDC is Canada's export credit agency, providing financial services to companies that buy from Canadian companies, or those that have Canadian supply and services in their corporate value chains. EDC's financing can be used for capex and/or project finance requirements, either through bilateral or syndicated corporate facilities. Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private-sector financial institutions to share risk and create greater capacity in transactions. Underlying all EDC's support is a commitment to sustainable and responsible business.
SOURCE Export Development Canada