The Export Development Corporation

The Export Development Corporation (EDC) is a Crown corporation established in 1944 through the Export Development Act. The EDC assists Canadian development projects in third world countries through the provision of financial services. It guarantees loans and issues insurance to Canadian companies when no one else will invest in their economically risky projects. As a result the EDC makes these uneconomic investments proceed. Since the EDC is exempted from the Access to Information Act, its activities are sheltered from the public view, so most Canadians have no idea what the EDC is involved in. It has now become clear that a number of EDC supported projects are socially, environmentally, and economically destructive. It is also clear that the EDC's activities are a perfect breeding ground for corruption and for business activities that destroy the environment, sink Third World citizens in debt, and cost Canadians money. Alarmingly, these harmful projects are made possible thanks to mislead and misinformed Canadian Taxpayers. What the EDC is doing to other countries and our own, is unacceptable and should be put to a stop.…