This bill is being presented in order to amplify and clarify the clauses of the act, under part I, of which the Export Credits Insurance Corporation was set up. The necessary changes to part I are being requested as a result of the experience which the corporation has gained during the first six months of its active operation.
The amendments being made to part II of the act, which is under the administration of my colleague the Minister of Finance (Mr. Ilsley), are mainly to enlarge the purposes for which the credits granted to foreign governments or agencies may be used. The amendments will permit a credit to be (a) made available to private importers in the borrowing countries; (b) used to purchase Canadian services; and (c) used to purchase goods from crown companies.
Motion agreed to and bill read the first time
Subtopic: ENLARGEMENT OF PURPOSES FOR WHICH CREDITS MAY BE USED