Thank you, Mr. Chair.
Division 6 of part 3 amends the Export Development Act to add a development financing initiative to EDC's current trade-related mandate. EDC will be able to provide development finance and other types of development support in accordance with Canada's international development priorities. This will enable EDC to provide financing to projects in high-impact sectors in developing countries that would normally face challenges in securing financing. This new financing support would enable more effective partnering with the private sector in developing countries on projects that support development results and thereby complement Canada's official development assistance.
Amendments will also provide that the minister responsible for EDC, essentially the Minister of International Trade, will consult the Minister of International Development on matters related to EDC's development financing initiative.