Canada’s import/export credit agency, Export Development Canada, extended a €200 million working capital facility to Telefonica this week. (via TechCrunch) This is something that governments do regularly to help encourage exports and make transactions easier and has been done for years. Still that €200 million translates into about half a million BlackBerry 10 devices which is a nice deal since Telefonica is one of the largest carriers worldwide with 315.7 million subscribers in 24 countries.
Check out the full press release below:
OTTAWA, April 4, 2013 /CNW/ – Export Development Canada (EDC) today announced that it has provided a €200M working capital facility to Telefónica to facilitate the procurement of BlackBerry® smartphones, services and solutions across its worldwide operations.
Telefónica is one of the largest global telecommunications companies, with operations in 24 countries and a customer base of over 315.7 million subscribers. EDC’s working capital facility will facilitate BlackBerry market share growth within Telefónica.
“EDC’s financing is really about making the transactions between BlackBerry and Telefónica easier, helping to enhance and broaden the relationship between these two major global players,” said Lewis Megaw , Regional Vice President Africa Europe and the Middle East, EDC.
EDC has provided financing to Telefónica since 2006 in support of its various Canadian procurement needs.
Two-way trade between Canada and Spain reached CAD 2.6 billion in 2012, primarily in the ICT, Aerospace and Extractive sectors. Of that, over 500 Canadian companies used EDC’s services to undertake more than CAD 414.8 million in trade with Spain in 2012.
In 2012, over 1,000 Canadian exporters and investors in the ICT sector used EDC products and services to facilitate more than CAD 8.4 billion in international business.
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 7,400 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.