SINGAPORE - Export Development Canada (EDC), Canada's export credit agency, has set up its first global branch in Singapore.
The new branch, located in Marina Bay Financial Centre, will negotiate and underwrite trade finance deals from Singapore, with the aim of helping companies in the region trade with Canada.
The agency will also actively pursue opportunities to collaborate with commercial banks here, said regional vice president for Asia William Brown.
EDC provides insurance and financial services, bonding products and small business solutions to exporters, investors and international buyers.
Mr Brown added that Singapore was chosen as the location for EDC's first global branch because of the conducive business environment, educated workforce and its role as Asia's financial, commercial and transportation hub.
EDC has helped facilitate about CAD$90 billion in business between Asian and Canadian companies over the past five years.
Key sectors of interest include infrastructure, including energy and clean technology; mining; oil and gas; light manufacturing; and information and communications technology.
The agency supported nearly 1,300 companies in Asia last year.
The Singapore branch is expected to play an important role in doubling EDC's loan bookings by 2021, when it hopes to be providing more tha US$4 billion in new commercial financing every year.