October 27, 2003

Mr. A. Ian Gillespie
President and CEO
Export Development Canada
151 O’Connor street,
Ottawa, ON   K1A 1K3

The Hon. Pierre Pettigrew
Minister of International Trade
Department of Foreign Affairs and International Trade
125 Sussex Drive, Tower B, 5th Floor
Ottawa, ON  K1A 0G2

Re.: Draft OECD recommendation on Common Approaches on Environment and Officially Supported Export Credits: 2003 Review – Revised version 1

Dear Mr. Gillespie and Minister Pettigrew:

Thank you for giving us this opportunity to comment on the ‘Common Approaches on Environment and Officially Supported Export Credits: 2003 Review – Revised version 1’ (Rev. 1).

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Submitted as part of EDC's consultations on the environment, this report makes a case for placing EDC under the provisions of the Canadian Environmental Assessment Act.

Abstract

MEDIA RELEASE

Coalition and Prominent Canadians call on Minister Pettigrew to legislate the Export Development Corporation to Protect People and the Environment
May 19, 2000
Ottawa - Minister Pettigrew failed to recommend changes to increase the Export Development Development Corporation's public transparency and accountability to internationally upheld standards, in his response to a Standing Committee report, "Reviewing the Export Development Act", presented to the House of Commons yesterday.

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Prepared by the NGO Working Group on the Export Development Corporation, a project of the Halifax Initiative

The Canadian Export Development Corporation (EDC) is the main source of publicly supported export financing in Canada, designed to complement the private financial sector wherever possible. A federal Crown corporation, EDC provides Canadian exporters with financing products to help their customers, and with commercial and political risk insurance, particularly for higher-risk and emerging markets. In 1998, EDC worked with 4,183 customers in 200 countries, helping Canadian companies to generate nearly $35 billion in sales and foreign investments.

Debt aspects related to export credit agencies
The cancellation of Third World debt has been a rallying cry of social movements for years, gaining in volume and numbers in 2000 as a result of the global Jubilee movement. Much attention has been focused on the debts owed by poor countries to the World Bank and the International Monetary Fund. However, export credit agencies collectively own more debt of Third World countries than the World Bank and the IMF combined.