OTTAWA, CANADA AND CAPE TOWN, SOUTH AFRICA, Nov. 13, 2012 /CNW Telbec/ -
Export Development Canada (EDC) today announced that it has provided a
USD 30 million five-year line of credit to the African Export-Import
Bank (Afreximbank), the proceeds of which will be used to provide
financing to African companies procuring Canadian goods or services.
Stephen Poloz, President and CEO, EDC, and Jean-Louis Ekra, President of
Afreximbank, signed the agreement for the line of credit at a ceremony
in Cape Town, South Africa, on November 13, 2012.
"Afreximbank's business interests align very well with those of EDC,
particularly Afreximbank's focus on the private sector and creating
trade opportunities. While the line of credit is intended to facilitate
business in all sectors, we see significant opportunities in ICT and
extractive already developing," said Mr. Poloz.
"Adding financial capacity for African-Canadian trade across 33 African
countries through Afreximbank meshes very well with EDC's partnership
preferred philosophy," he added.
"This facility provides an opportunity for us to promote trade flow
between Africa and Canada as well as deepen the business relationship
between Afreximbank and EDC," said Mr. Ekra. "The goods and services
that are expected to be imported into Africa under the facility will
serve to boost export diversification and enhance the economic growth
and development of the continent."
According to the President, Afreximbank plans to use the facility for
medium-term financing to support purchases of Canadian goods and
services from a broad range of sectors, including mining,
telecommunications, transportation, manufacturing, energy and
In 2011, 457 Canadian companies used EDC's products or services to
undertake CAD 2.4 billion in export business in 46 African countries.
The African Export Import Bank was established in October 1993 by
African governments, African private and institutional investors, and
non-African investors to finance and promote intra- and extra-African
trade. Its two basic constitutive documents are the Establishment
Agreement, which gives it the status of an international organization,
and the Charter, which governs its corporate structure and operations.
AFREXIMBANK is headquartered in Cairo. For more information, visit: www.afreximbank.com
About 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
more than 8,200 Canadian companies and their global customers in up to
200 markets worldwide each year. EDC is financially self-sustaining and
a recognized leader in financial reporting and economic analysis.
SOURCE: Export Development Canada
For further information:
Tel: 1 (613) 598-2904