EDC Provides US$30 Million in Financing to China Gas Holdings

Export Development Canada (EDC) announced it signed a line of credit for US$30 million with China Gas Holdings Limited of Hong Kong, the first time EDC has signed a commercial line of credit with a Chinese buyer of Canadian exports. Under the terms of the deal, China Gas will purchase compressed natural gas (CNG) equipment from IMW Industries Ltd. of Chilliwack, BC. China Gas Holdings Limited is a natural gas services operator, principally engaging in the investment, construction and management of city gas pipeline infrastructure, distribution of natural gas and LPG to residential, industrial and commercial users, construction and operation of oil stations and gas stations, and development and application of oil, natural gas and LPG related technologies. The line of credit over five years will provide financing for equipment purchases for a network of natural gas fueling stations for buses and taxis.