OTTAWA – March 12, 2008 – Export Development Canada (EDC) today signed a Memorandum of Understanding (MOU) with the Fonds Africain de Garantie et de Coopération Économique (FAGACE) to help increase Canadian participation in projects among the 13 member countries of FAGACE in West and Central Africa.
"EDC's partnership with FAGACE will help to position Canadian exporters within their numerous member country infrastructure projects and build upon our proactive business development on the African continent," said Rizwan Haider, EDC Regional Director for Africa. In 2007, EDC's business volume on the African continent was CAD 2.6 billion, which helped some 380 Canadian companies expand their activities in 35 African countries.
Mr. Haider and Mr. Libasse Samb, Director-General of FAGACE, signed the MOU at the FAGACE corporate headquarters in Cotonou, Benin.
The MOU is designed to promote co-operation in financing and guaranteeing common projects with FAGACE and enhance EDC's commercial financial services by obtaining guarantees from FAGACE. To further develop the African private sector, FAGACE will provide EDC with financial guarantees to promote the technical and financial development of its target clients in the Fund's member states. In addition, a partnership framework with FAGACE will provide EDC with greater mitigation of the financial risks inherent in these markets and help promote Canadian technical skills among African companies.
FAGACE is an international organization specialized in loan guarantees. The role of this Fund is to provide guarantees to local and international financial institutions in an effort to improve the credit position of African companies. The institution has always considered the fight against poverty, development of the private sector, promotion of African integration and environment protection as significant mediums capable of helping Africa develop. The 13 member countries are Senegal, Mali, Burkina Faso, Gambia, Sierra Leone, Côte d'Ivoire, Togo, Benin, Guinea-Bissau, Cameroon, Rwanda, Central African Republic and Niger.
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 6,400 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 has been recognized as one of Canada's Top 100 Employers for seven consecutive years.
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Media contact:
Phil Taylor
Public Affairs
Export Development Canada
(613) 598-2904
ptaylor@edc.ca
