EDC signs USD 1 billion agreement with BPC as Canadian companies do more business in Angola

    LUANDA, Angola, Oct. 2 /CNW Telbec/ - 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
    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.

For further information:

For further information: Phil Taylor, Export Development Canada, (613)
598-2904, BlackBerry: ptaylor@edc.ca; Rizwan Haider, EDC, Regional Manager,
Africa, (613) 513-5493, BlackBerry: rhaider@edc.ca

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