(Kristine Owram – Financial Post)
Export Development Canada is lending 400 million euros ($525 million) to Volkswagen AG in the hopes that the financing will open doors to Canadian suppliers at the automaker’s growing operations in the Southern U.S. and Mexico.
The loan doesn’t have any specific strings attached to it, but EDC asks that Volkswagen be receptive to pitches from qualified Canadian companies that the Crown corporation will help to identify.
“They commit to meet Canadian suppliers, to share their procurement needs with Canadian suppliers and we introduce the Canadian suppliers to them,” said Carl Burlock, EDC’s senior vice-president for financing and investment. Click here to read more.