Canada Account Annual Report 2018-2019 (EDC Investments)

Summary

• The position against the statutory limit was $7,820 million at March 31, 2019, compared with $1,657 million at March 31, 2018.p.7
• Section 24 of the Export Development Act allows Canada Account up to an aggregate of $20 billion in contingent liabilities, loan commitments and outstanding principal.p.7
• New Ministerial Authorizations allowed financing of $7 billion related to the Trans Mountain Pipeline, including a term loan of up to $5 billion.p.5
• A provision for credit losses of $81 million was recorded, and remittances of $797 million were made to the CRF.p.6
• Sovereign exposure was 94% of the total and commercial exposure 6%.p.9
• Fixed-rate loans made up 95% of loans receivable, up from 78%.p.10

Key insights

1. Exposure to one Heavily Indebted Poor Country totalled $12.4 million or 0.17% of the sovereign loan portfolio.p.10
2. Canada Account facilitated four loans in the fiscal year ended March 31, 2019.p.11
3. A term loan of up to $10 million for a term of up to 30 years was signed with Arctic Gateway Group Limited.p.11