Canada Account Annual Report 2019-2020 (EDC Investments)

Summary

• The position against the Canada Account statutory limit was $11,024 million at March 31, 2020, up from $7,820 million (millions of Canadian dollars).p.7
• Ministerial Authorizations for the Trans Mountain Pipeline totaled $10 billion, with $9.17 billion in credit agreements signed and $6.255 billion disbursed.p.5
• A $650 million term loan to General Dynamics Land Systems was completed in September 2019 and subsequently disbursed.p.5
• After March 31, 2020 the maximum amount of liabilities was set at $75 billion, then increased to $93 billion and $115 billion.p.6
• Canada Account funds authorized for the Canada Emergency Business Account rose from $25 billion to $40 billion, $55 billion and $73 billion.p.6
• Net income was $335 million in the year, against $149 million the year before (millions of Canadian dollars).p.12

Key insights

1. Before March 25, 2020 the Export Development Act allowed Canada Account an aggregate limit of $20 billion.p.3
2. Sovereign exposure was 91% and commercial exposure 9% of the total.p.9
3. Initial CEBA loans of up to $40 thousand carry 0% interest, and since December 4, 2020 eligible applicants can receive a $60 thousand loan.p.6
4. Loans receivable exposure eligible for HIPC debt relief totalled $13.1 million, or 0.13% of the sovereign loan portfolio.p.10
5. A Trans Mountain loan facility limit was increased from $1 billion to $4 billion and its maturity extended to August 29, 2023.p.11
6. Net cash received from the CRF was $1,699 million, against $4,503 million the year before.p.13