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Canadian companies exporting to Hungary can benefit from a new agreement between Export Development Canada (EDC) and The Hungarian Export Credit Insurance Ltd (Mehib).

The agreement is aimed at promoting cooperation and coordination between the two export credit agencies with respect to their various financing, insurance, re-insurance and guarantee activities. It will strengthen trade contacts and establish an ongoing relationship between the two organisations, including the exchange of information about potential projects and programmes and providing guidelines for entering into specific financing transactions.

Established in 1994, Mehib is a 100% state-owned company that provides short, medium- and long-term commercial and political risk cover to more than 150 Hungarian companies. In 2003 Mehib envisages insuring over Ft150bn of domestic trade and export sales.

EDC provides trade finance and risk management services to Canadian exporters and investors in up to 200 markets. Founded in 1944, EDC is a Crown corporation that operates as a commercial financial institution.

In 2002, EDC extended US$51.2 billion in trade finance and risk management services to finance or insure export sales and investments by more than 7,200 Canadian companies in 182 markets.