Above Ground's Recommendations on Anti-Corruption Policies in EDC

(Above Ground, Ottawa, 30 April 2018) In this report, ECA Watch member Above Ground examines reforms needed to raise Export Development Canada’s anti-corruption client screening to a more robust standard. The recommendations are informed by leading anti-corruption policies and guidance documents from other export credit agencies, international financial organizations and the private sector. A Bombardier jet, the subject of an EDC loan to South Africa's Gupta family amid multiple corruption claims, has reportedly returned to South Africa, although Gupta familiy members have still effectively disappeared. Since 2016 the British, French and German export credit agencies have blocked support for Airbus on the basis of bribery concerns. The Above Ground report notes that in the second half of 2017, EDC provided Airbus with between $750 million and $1.5 billion in financing, as well as citing examples of questionable support for SNC-Lavalin and Kinross Gold. Canada's Auditor General today released a hard hitting report noting that EDC is mishandling loan risks and keeping board members in the dark about key financing arrangements.