Trade Resources Company News Canada Export Development Gives Volkswagen Eur400m Loan

Canada Export Development Gives Volkswagen Eur400m Loan

Volkswagen has secured a €400m loan from the Export Development Canada (EDC), to facilitate expansion of its operations in southern US and Mexico.

The financing will allow the automotive giant to offer business opportunities to small and medium-sized companies in Canada.

EDC financing and investment senior vice-president Carl Burlock said: "This financing is really about relationship building, both for EDC and Canadian SMEs in the tooling and automotive supply industries.

"With the Southern US and Mexico increasingly becoming prime production locations for global automakers, EDC has a role to play in making sure that Canadian companies have the opportunity and financial wherewithal to compete for that business."

Volkswagen owns twelve brands in seven countries, and had a 12.9% share in world passenger car market last year. The company generated revenues of €202.5bn with an operating profit of €12.7bn in 2014.

EDC provides financing and insurance for Canada-based companies with sales or operations in other countries.


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Volkswagen Gets Eur400m Loan From Export Development Canada
Topics: Auto Parts