OTTAWA - November 27, 2006 - Export Development Canada (EDC) today announced that it has signed co-operative Memorandums of Understanding (MOU) with 4 Nigerian banks totaling USD 100 million, to facilitate Canadian trade with this expanding African market.
EDC has signed MOUs with Access Bank, First City Monument Bank, Intercontinental Bank and United Bank for Africa. Each MOU is valued at USD 25 million, representing USD 15 million in medium term financing and USD 10 million in short term credit insurance support. These MOUs are in addition to two USD 25 million lines of credit (LOCs) EDC signed earlier this year with First Bank and Zenith Bank.
"These MOUs and the previous LOCs are the result of significant business development efforts by EDC to open the Nigerian market for Canadian exporters", said Klaus Büttner, EDC's Regional Vice-President for Africa, Europe and the Middle-East. "Working with these key Nigerian banks, we are in a strong position to influence procurement decisions to the benefit of Canadian companies."
Signing ceremonies were held in Toronto and Calgary, as part of a greater Canadian tour that was organized by EDC for the six Nigerian banks. Seminars were being held in Ottawa, Toronto, Calgary and Montreal to help Canadian exporters and bankers learn more about the Nigerian banking system and key sector opportunities. EDC partnered with the Canadian Council on Africa, Ontario Exports Inc. and Alberta Economic Development to develop and run the Canadian tour.
Nigeria is emerging as a growth market for Canadian companies. Over the past three years, Canadian exports to Nigeria have increased by 50 per cent to reach CAD 111 million with an increasing proportion in finished goods. So far in 2006, EDC has facilitated over CAD 36 million in trade with Nigeria. "We are seeing a number of expanding sectors, including banking, mining, oil and gas, engineering services and transportation," continued Mr. Büttner.
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 7,000 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.
-30-
Media contact: Phil TaylorPublic AffairsExport Development Canada (613) 598-2904ptaylor@edc.ca
