(OTTAWA) – March 11, 2009 – Export Development Canada (EDC) today announced that it has provided a USD 35 million loan to Petroterminales de Panama to purchase marine services from Svitzer Canada Ltd. for work on an oil storage facility and cross-Panama oil pipeline.
“This transaction represents one of the largest Canadian trade deals in one of the fastest growing markets in Latin America,” said Eric Siegel, President and CEO of EDC. “Given Panama’s five-year, five-billion dollar expansion of the Panama Canal and spin-off infrastructure projects, EDC has taken the initiative to introduce some 150 Canadian firms to key business contacts in Panama to help them access those massive opportunities.”
In 2008, total Canadian domestic exports to Panama were valued at CAD 109.8 million. Panama's economy grew an estimated 9.2 per cent in 2008, the second largest GDP increase in Latin America.
Svitzer Canada Ltd. is an affiliate of global company Svitzer A/S, a leading provider of marine services with a diverse fleet of more than 550 vessels operating in some 35 countries.
Petroterminales de Panama S.A. is 50 per cent-owned by the Government of Panama and managed by Northville Industries, also a shareholder. PTP provides petroleum storage, transportation and transhipment services in Panama.
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 8,300 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.
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Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
