OTTAWA - December 19, 2005 - Export Development Canada (EDC) and Qatar National Bank (QNB) today signed a USD 100 million Line of Credit. This transaction marks the first time EDC has established a Line of Credit with any commercial bank in a Gulf Cooperation Council (GCC) country, thus accelerating and simplifying the procurement of Canadian expertise and technology.
"Qatar is a high-potential market for Canada, where several Canadian companies are already active in power, oil and gas and EDC views Qatar National Bank as a key partner in its efforts to develop and promote Canadian goods and services exports to Qatar," said Benoit Daignault, EDC Senior Vice-President for Business Development. "Qatar is now heavily investing in its infrastructure -up to USD 60 billion over the next ten years- and EDC's Line of Credit will help Canadian exporters and investors capitalize on the mass of opportunities generated by this surge in investment."
"We at QNB are confident that Qatari and Canadian companies will extract maximum benefit from this Line of Credit, which reflects the high potential for business between Qatar and Canada and the pivotal role that Canadian exporters and investors can play in Qatar's investment and growth plans," said Vince Cook, General Manager - Corporate Banking & Capital Markets, at QNB. "The agreement will pave the way for Canadian exporters, of all sizes and from all sectors, to benefit from a convenient and readily available financing tool offered by QNB and EDC."
The Line of Credit signals Qatar's desire to diversify its sources of procurement and reflects positively on Canada's technological and professional capabilities. Canadian small- and medium-sized exporters will especially benefit from now having a financing mechanism directly available from a local Qatari bank.
QNB was established in 1964 as the country's first Qatari-owned commercial bank. The ownership structure is split between the Government of Qatar (50 per cent) and the private sector (50 per cent). QNB has grown to become the largest bank in Qatar, controlling assets representing approximately 50 per cent of the total banking system. QNB has the largest distribution network in the country with 32 local branches and offices, two international branches in London and Paris and 73 ATMs. QNB provides a full range of commercial banking activities for individuals, corporate institutions and government entities and the Bank's scope of products, services and delivery channels across all disciplines is unrivalled.
Export Development Canada (EDC) is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and human resource management.
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Contact :
Phil Taylor EDC Public Affairs(613) 598-2904 ptaylor@edc.ca
