Export Development Canada, a federal bank, approved more than $3 billion in loan guarantees and insurance on exports to China last year after claiming to enact a human rights policy, according to Access To Information records obtained by Blacklock’s Reporter..“We truly do believe in responsible business,” Mairead Lavery, the $458,000-a year CEO of the Crown bank, earlier told the Commons finance committee..“The business of EDC operates on a commercial terms,” Lavery testified last June 9 at the committee..“That is to say, we do not provide grants or subsidies. At the heart of our business is risk management..“When we work with them to understand their financing needs, we’re also working to ensure they understand issues like human rights.”.The bank’s deals came before a unanimous February 22 Commons vote to censure the People’s Republic for genocide..Access To Information data show the bank last year approved $3,209,673,392 in loan guarantees, “political risk insurance,” credit insurance and financial institutions insurance for business in China..That despite EDC in 2019 adopting a Human Rights Policy it claimed “aligns our organization with the United Nations Guiding Principles On Business And Human Rights and provides essential clarity to our customers and partners on where we stand on human rights.”.“We as a financial institution have a responsibility to ensure they are prevented and mitigated across our portfolio of transactions,” the bank wrote in its last annual report..“We all have a role to play in defending human rights and building inclusive societies, safe communities and welcoming places..“Embedding human rights into our practices will take time and we may make mistakes along the way. But our view is that as long as we are continuing to evolve, mature and learn from our peers how best to address these complex issues, we’re making important progress.”.EDC promised to report this year “on our annual human rights performance.”.Details of EDC business in China are not known..Liberal MP Sameer Zuberi (Pierrefonds-Dollard, Que.) earlier told the Commons that goods produced by slave labour in Xinjiang are commonplace in the People’s Republic..“Supply chains are tainted, that is without question,” said Zuberi..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.Twitter.com/nobby7694
Export Development Canada, a federal bank, approved more than $3 billion in loan guarantees and insurance on exports to China last year after claiming to enact a human rights policy, according to Access To Information records obtained by Blacklock’s Reporter..“We truly do believe in responsible business,” Mairead Lavery, the $458,000-a year CEO of the Crown bank, earlier told the Commons finance committee..“The business of EDC operates on a commercial terms,” Lavery testified last June 9 at the committee..“That is to say, we do not provide grants or subsidies. At the heart of our business is risk management..“When we work with them to understand their financing needs, we’re also working to ensure they understand issues like human rights.”.The bank’s deals came before a unanimous February 22 Commons vote to censure the People’s Republic for genocide..Access To Information data show the bank last year approved $3,209,673,392 in loan guarantees, “political risk insurance,” credit insurance and financial institutions insurance for business in China..That despite EDC in 2019 adopting a Human Rights Policy it claimed “aligns our organization with the United Nations Guiding Principles On Business And Human Rights and provides essential clarity to our customers and partners on where we stand on human rights.”.“We as a financial institution have a responsibility to ensure they are prevented and mitigated across our portfolio of transactions,” the bank wrote in its last annual report..“We all have a role to play in defending human rights and building inclusive societies, safe communities and welcoming places..“Embedding human rights into our practices will take time and we may make mistakes along the way. But our view is that as long as we are continuing to evolve, mature and learn from our peers how best to address these complex issues, we’re making important progress.”.EDC promised to report this year “on our annual human rights performance.”.Details of EDC business in China are not known..Liberal MP Sameer Zuberi (Pierrefonds-Dollard, Que.) earlier told the Commons that goods produced by slave labour in Xinjiang are commonplace in the People’s Republic..“Supply chains are tainted, that is without question,” said Zuberi..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.Twitter.com/nobby7694
