Submitted by: Export Development Canada
Posted: Oct 22, 2008 – 09:28 AM EST
OTTAWA. - October 22, 2008 – Export Development Canada today announced that it has committed to a 4-year community investment partnership with CARE Canada for small business enterprise development and micro-financing related projects in emerging markets.
'The partnership with CARE is an ideal convergence of EDC's emerging market business goals and its commitment to corporate social responsibility,' said Eric Siegel, President and CEO of EDC. 'As Canada’s export credit agency, we are well aware of the benefits of trade to the prosperity of regional and national economies.'
CARE Canada will manage a short-term leave program that will oversee the assignment of up to 4 EDC staff annually to CARE projects in emerging markets, beginning with a focus on Latin America in the first year. The wide range of expertise of EDC staff is expected to provide valuable practical, business support to emerging market entrepreneurs. Examples of assignments could include developing marketing plans for small exporters, developing a risk assessment program for a microfinance lender, or improving the application of information technology systems, among others. The first assignments are expected to begin in the second half of 2009.
"Supporting economic development, making markets work for developing communities, is one of the keys to beating global poverty," said Kevin McCort, President and CEO of CARE Canada. "The support and experience of EDC, and the mentorship of EDC staff CARE will take into the field will greatly strengthen economic development programs and ensure the communities CARE works with are able to achieve their full potential."
EDC selected CARE Canada as its partner because of its extensive experience in enterprise development in emerging markets, the global reach of its operations, and its reputation for sound administration, professionalism and excellence. EDC will commit CAD 200, 000 per year to the partnership.
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 nearly 7,000 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.
CARE Canada is a leading humanitarian organisation fighting global poverty through long-term development and emergency relief. CARE’s success lies in its work alongside women who, when equipped with the proper resources, have the power to help whole families and entire communities escape poverty in the developing world. With the support of Canadians CARE aims to create a world where every person has the opportunity to realise their potential.