Export Development Canada Finances Turkey's AkLease to Create Opportunities for
Canadian Equipment Makers
OTTAWA, ONTARIO -- (Marketwired) -- 03/26/14 -- 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
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 infrastructure.
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 Turkish market.
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 Akbank T.A.S.
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
Export Development Canada
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