(LUANDA) – October 2, 2008 – Export Development Canada (EDC) today announced the signing of a Memorandum of Understanding with Banco de Poupança e Crédito (BPC) to facilitate Canadian participation in upcoming infrastructure projects in Angola.
"EDC's partnership with BPC will help facilitate the already substantial pipeline of business between the Angolan government and Canadian companies and we see it having a strong catalyst effect for future business," said Stephen Poloz, Senior Vice-President, Financing Products Group. "Since BPC also undertakes private sector projects, they are a great partner for EDC as we look to grow the presence of Canadian companies in Angola."
Under the agreement, EDC will provide up to USD 1 billion in various financing options for projects undertaken by the Angolan government. In addition, EDC will also provide up to USD 16 million for other private sector projects considered by BPC. EDC financing is contingent upon Canadian participation.
Canadian trade with Angola overall has averaged CAD 45 million since 2003. Over the past five years, Canadian exports to Angola have tripled to over CAD 80 million while Angola has become a major source of crude oil imports for Canada. Canadian exports are led by the extractive and food sectors, engineering services in addition to various forms of manufacturing.
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 nearly 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for eight consecutive years.
Phil Taylor
Export Development Canada
Tel.: +1 (613) 598 2904
BlackBerry: ptaylor@edc.ca
Rizwan Haider
EDC, Regional Manager, Africa
Tel.: +1 (613) 513 5493
BlackBerry: rhaider@edc.ca
