“Over the past 25 years, EDC has provided as much as $4.7 billion in loans to SNC-Lavalin for ventures in Europe, Africa and Latin America, making the company one of the largest recipients of taxpayer-backed loans.
EDC concedes it was slow to suspend funding for new SNC-Lavalin projects, which it did from late 2014 until 2017, as the company faced multiple scandals.
The World Bank sounded an alarm in 2012 over allegations SNC-Lavalin tried to bribe officials in Bangladesh. It has banned the company from bidding on World Bank projects until 2023.
“In the years leading up to our suspension, we became increasingly concerned about the myriad allegations facing the company,” said EDC’s David Bhamjee, noting EDC did beef up monitoring of SNC-Lavalin deals.
“We could have — and perhaps should have — suspended business earlier,” he said.”