Export Development Canada says it will work with six private credit companies to provide up to $1 billion in credit re-insurance, a move calculated to make it easier for Canadian companies to borrow.

The EDC says the new facility could result in Canada's private credit insurance providers to support of up to $4 billion in transactions for Canadian companies.

Canadian firms have cited the difficulty in obtaining credit to continue operations as a key issue during the economic downturn.

The Crown corporation says AIG Commercial Insurance Canada, Atradius, Coface, Euler Hermes Canada, Executive Risk Insurance Services and The Guarantee Company of North America are the companies that will have access to the EDC's new capacity.