OTTAWA—Export Development Canada (EDC) is giving a Turkish leasing company a US$10-million line of credit in a bid to encourage firms in that country to lease Canadian-made equipment.
EDC said it will provide the financing to AK Finansal Kiralama A.S. (AkLease), which will in turn use the funding to finance 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,” Zenon Woychyshyn, EDC’s Chief Representative in Turkey, said in a statement.
“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.”
EDC said increasing demand for Canadian-made equipment and machinery spurred the agreement with AkLease.
The partnership with AkLease is designed to serve of at least US$500,000.
According to EDC, supply chain opportunities exist in a number of Turkish sectors, including energy, information and communication technology, mining, education and infrastructure.
2013, 388 Canadian companies used EDC’s products and services to help conclude more than $2.2-billion in business with companies in the Turkish market.