OTTAWA, March 12 /CNW Telbec/ - Export Development Canada (EDC) today
signed a Memorandum of Understanding (MOU) with the Fonds Africain de Garantie
et de Coopération Economique (FAGACE) to help increase Canadian participation
in projects among the 13 member countries of FAGACE in West and Central
"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.
For further information:
For further information: Phil Taylor, Public Affairs, Export Development
Canada, (613) 598-2904, email@example.com