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The transaction originated through EDC's longstanding relationship with Bank UralSib (UralSib), one of its key strategic partners in the Russian market. The financing will be used for the commercial reconstruction of a historical building in the center of St. Petersburg.
"EDC's association with financial institutions in key markets has consistently delivered exporting opportunities for Canadian exporters, and EDC's relationship with UralSib has been an excellent platform to position Canadian exporters at the forefront of transactions in the Russian market," said Rod Lever, EDC Chief Representative, Moscow.
This transaction marks the first allocation under the standing line of credit agreement between EDC and Uralsib that was established in 2007. EDC has built an excellent relationship with Uralsib in the past four years, having undertaken seven transactions prior to the signing of this line of credit.
Anton Zur, Head of International Business Department of UralSib, said the transaction "is the first deal for UralSib involving ECA financing in hotel construction and management, and we are happy that we were able to find an appropriate solution with our highly valued partner EDC. As a result, our clients are able to benefit from the loan that is unmatched under the current circumstances in the terms and tenor of financing."
EDC business volumes in the Russian market have grown considerably in the past 5 years, from CAD 203 million in 2004 to 1.5 billion in 2008. EDC has been most active in Russia within the agricultural equipment, telecommunications, mining and forestry sectors, but has also identified oil & gas, infrastructure and transportation as growth sectors. EDC covers all of the Commonwealth of Independent States from its Moscow representation.
Bank Uralsib is a privately owned financial institution. The merged UralSib is among top-10 Russian banks by capital and among top-15 by assets. UralSib's retail banking network of over 500 offices in 81 different regions is the third largest in Russia and the most extensive among privately owned Russian banks. Bank UralSib is a subsidiary of UralSib Financial Corporation, a leading Russian financial group providing a wide range of financial services including commercial, retail, investment and corporate banking as well as private banking, brokerage, custody and asset management services. Corporate business is a core activity of UralSib with the Bank making available a full range of traditional banking products. These services include treasury, banking, project and trade finance, structured finance and investment services.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for eight consecutive years.
SOURCE: Export Development Canada
Phil Taylor, Export Development Canada, (613) 598-2904, Blackberry: ptaylor@edc.ca
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