EDC becomes Equator Principles signatory
OTTAWA, ONT-Export Development Canada (EDC) has become only the second export credit agency in the world to adopt the Equator Principles, an international financial industry benchmark for assessing and managing social and environmental risk in project financing. EDC joins Canada's five leading banks in doing so, thus harmonizing the Canadian private and public banking sectors as they undertake international business activities. The Equator Principles apply to projects in emerging markets valued at over $10 million (U.S.). For private sector financial institutions, the Equator Principles are the acknowledged standard by which corporate social responsibility (CSR) is measured as it relates to funding of projects in emerging markets. Public-sector financial institutions such as EDC are bound to specific CSR practices under the OECD's Common Approaches. EDC occupies a unique position as an institution that operates on commercial principles while carrying out a public policy mandate. It provides a range of commercial products and services to help Canadian exporters and investors expand their international business. Its business includes structuring complex, limited recourse financing transactions for large-scale global infrastructure, extractive and industrial projects. Some 6,400 Canadian companies and their clients in up to 200 markets worldwide benefit from EDC's knowledge and partnerships each year.