OTTAWA, ON--(Marketwired - November 18, 2016) - Export Development Canada (EDC) today announced it has provided the rupee (INR) equivalent of USD 50M in financing to Mumbai-based Infrastructure Leasing & Financial Services (IL&FS).
EDC's financing will create new opportunities for qualified small- and medium-sized (SME) Canadian companies to win new business with IL&FS, one of India's largest infrastructure developers. As smaller Canadian suppliers compete in this globalized industry, they have increasingly asked EDC to help them make new connections with foreign buyers.
"EDC's focus is helping smaller Canadian businesses that supply into bigger infrastructure projects expand into new foreign markets," said Mairead Lavery, SVP of Business Development, EDC. "IL&FS, with its large global supply chain and base in growth-rich India, was at the top of their wish list. Small- and medium-sized companies are the engine of growth in Canada, for both exports and jobs, and this new relationship is all about them."
Since 2013, IL&FS has procured approximately USD 2M in goods and services from Canadian companies. EDC's financing aims to increase this amount to more than USD 4M per year. The financing marks the first time that EDC has provided financing denominated in rupees, responding to the needs of Indian companies and making it easier for Canadian suppliers to do business in India.
"It's about helping Canadian companies go, grow and succeed internationally," added Lavery.
"Over the past two years, IL&FS has met with over 50 Canadian companies and will meet with another 25 in November when they travel to Canada for a trade mission," said Nathan Nelson, EDC's Chief Representative in India. "IL&FS is an important value chain in the Indian market with a clear interest in doing more business with Canadian companies, particularly those that have expertise in surface transport, power and urban infrastructure, and mapping."
EDC targets companies like IL&FS, whose procurement needs match up naturally with Canadian expertise. Once EDC has a detailed understanding of a company's supply chain and business goals, they provide introductions to qualified Canadian companies with well-matched expertise. IL&FS is specifically interested in Canadian companies that can help it innovate and reduce costs in upcoming road, port, power, sanitation, waste management, and water projects.
"When Canadian companies win business after our introductions, they won't be left on their own," added Ms. Lavery. "EDC can provide them with financing and insurance solutions to support their growth in their new markets." India is a strategic market for Canada and is also a priority market for EDC.
For companies interested in taking part in EDC's matchmaking opportunities, qualified Canadian companies can contact 1-888-434-8508 or register their services on Enterprise Canada Network (ECN), a joint venture between EDC and Canadian Manufacturers and Exporters (CME).
The ECN website works by matching Canadian company profiles with the products and services being sought by buying companies, most of which are in foreign markets. There are currently more than 30,000 opportunity profiles posted through the European Commission's Enterprise Europe Network, which the ECN links into.
About Infrastructure Leasing & Financial Services
Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India's leading infrastructure development and finance companies. Its distinct mandate involves catalyzing the development of infrastructure in the country. The organization has focused on the commercialization and development of infrastructure projects and creation of value added financial services.
EDC helps Canadian companies go, grow, and succeed in their international business. As a financial Crown corporation, EDC provides financing, insurance, bonding, trade knowledge, and matchmaking connections to help Canadian companies sell and invest abroad. EDC can also provide financial solutions to foreign buyers to facilitate and grow purchases from Canadian companies.