Export Development Canada Finances Turkey's AkLease to Create Opportunities for
Canadian Equipment Makers
NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Export Development Canada
MARCH 26, 2014
Export Development Canada Finances Turkey's AkLease to Create
Opportunities for Canadian Equipment Makers
OTTAWA, ONTARIO--(Marketwired - March 26, 2014) - Export Development Canada
(EDC) today announced that it has provided a USD 10 M line of credit to Turkish
leasing company Ak Finansal Kiralama (AkLease), which will be used to provide
financing to Turkish companies leasing equipment from Canadian manufacturers.
"EDC's partnership with AkLease is about making it easier for
Canadian companies to win new equipment leasing business in the booming Turkish
market," said Zenon Woychyshyn, EDC's Chief Representative in Turkey.
"EDC has been working with AkLease and their customers for many years, and
we see this formal financing agreement as the next logical step in connecting
Canadian equipment with new Turkish buyers."
Increasing demand for Canadian-made equipment and machinery precipitated
EDC's interests in deepening its relationship with AkLease.
The partnership with AkLease is designed to serve smaller transactions of USD
500 K or more. As a result, the line of credit creates ample opportunities for
Canadian small- and medium-sized enterprises (SMEs) operating in, or selling
to, the Turkish market.
The Government of Canada's Global Markets Action Plan has identified
Turkey as a strategic market of opportunity for Canadian firms and EDC is
committed to fostering commercial deals between Canadian and Turkish companies.
Supply chain opportunities exist in a number of Turkish sectors, including
energy, information and communication technology, mining, education and
Turkey is developing an ambitious plan to become a top ten economy by 2023, the
nation's centennial. The Turkish Government recently announced EUR 100 B
in infrastructure projects over the next five years, with approximately 70% of
this spending dependent on financing by domestic banks. EDC's partnership
with AkLease will allow Canadian companies to supply the necessary equipment
and machinery to local companies contracted to deliver these projects.
EDC has had a permanent representation in Istanbul since 2010. In 2013, 388
Canadian companies used EDC's products and services to help conclude more
than CAD 2.2 B in business between Turkish and Canadian companies within the
EDC also has a permanent presence in Bogota, Rio de Janeiro, Sao Paulo, Lima,
Mexico City, Monterrey, Santiago, Shanghai, Beijing, Singapore, Mumbai, New
Delhi, Moscow, Abu Dhabi, and Dusseldorf.
AK Finansal Kiralama A.S. provides financial leasing services. Its lease
portfolio consists of financial leases for transportation vehicles and
aircraft, real estate, electronic equipment, construction machinery, medical
and office equipment, and others. The company was founded in 1988 and is based
in Istanbul, Turkey. AK Finansal Kiralama A.S. operates as a subsidiary of
EDC is Canada's export credit agency, providing financing and insurance
solutions locally and around the world to help Canadian companies of any size
respond to international business opportunities. As a profitable Crown
corporation that operates on commercial principles, EDC works together with
private- and public-sector financial institutions to create greater capacity
for Canadian companies to engage in trade and investment.
For more information about how EDC can help your company, visit www.edc.ca
FOR FURTHER INFORMATION PLEASE CONTACT:
Export Development Canada
INDUSTRY: Government - International, Government - Local, Government -
National, Government - Security (law enforcement, homeland etc), Government -
-0- Mar/26/2014 17:19 GMT
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