Export Development Canada (EDC) today signed an agreement at the Singapore International Airshow with ICBC Financial Leasing Co. to develop their mutual interest in the procurement and leasing of various aircraft types manufactured by Montreal-based Bombardier.

ICBC Financial Leasing is a major player in the Chinese aircraft leasing market, in addition to its activities in the global leasing market for ships and industrial equipment. The agreement recognizes that both Bombardier and ICBC Financial Leasing are well-positioned to serve growing global demand for regional air travel.

"In working with Bombardier partners and customers in China, EDC hopes to help create liquidity solutions to bring Canadian aircraft to this important growing market, to the benefit of Canada's aerospace industry," said Carl Marcotte, Vice-President, Transportation Group, EDC. "We hope to develop near-term transaction opportunities in Europe and Asia into financing commitments within the first half of the year."

In March 2011, Bombardier and ICBC Financial Leasing signed a separate and detailed memorandum of understanding to provide leasing and other financing, maintenance and service solutions for Bombardier's complete product portfolio of commercial and business aircraft.

EDC has two permanent representations in China, located in Shanghai and Beijing. In 2010, 375 Canadian companies used EDC products and services to help undertake more than C$4 billion in trade within the Chinese market.

Canadian merchandise exports to China for the period January to October 2011 were up 33 per cent year-on-year, reaching C$12.8 billion. This equals the total merchandise export trade to China from Canada for all of 2010.

In 2010, 954 Canadian exporters and investors in the transportation sector used EDC products and services to facilitate more than C$9.8 billion in international business.

Regionally, 2,753 Quebec companies undertook more than C$22 billion of their global trade using EDC's products and services in 2010.

EDC has a permanent presence in Shanghai, Beijing, Singapore, Mumbai, New Delhi, Moscow, Istanbul, Düsseldorf, Abu Dhabi, Rio de Janeiro, Sao Paulo, Lima, Mexico City, Monterrey, Santiago and Panama.

ICBC Financial Leasing is a strategic and wholly-owned subsidiary of Industrial and Commercial Bank of China Limited, one of the world's largest banks.

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 more than 8,200 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.