Export Development Canada (EDC) has opened an office in London, aiming to expand its presence in the UK.

Following the UK’s vote to leave the European Union, trade projections between Canada and the UK could drop by up to 8%, but EDC says it is confident about the long-term opportunities between the two countries.

The role of the London office, headed by Stephen Wilhelm as regional vice-president, Europe, Middle East and North Africa, will be to provide financing to UK businesses or project owners working with Canadian suppliers, or where there is potential for Canadian involvement.

“EDC has a history of taking long-term views on the economic strength of countries and sees the potential for stronger trade links between Canada and the UK in the future,” says Wilhelm. “Our permanent presence will help solidify our position as a go-to financier within London’s banking community.”

“We provided C$6.7bn in financing to companies in the UK in the past five years, and we plan to grow that number incrementally over the next five,” he adds.

The Canadian export credit agency already works with over 600 customers that are involved in trade between Canada and the UK, including Bombardier for its projects with Transport for London.