October 13, 2008

International Trade

Canadians join massive Angola infrastructure renewal project

Canadian participation in the construction of up to US$1 billion worth of infrastructure projects in Angola is being facilitated by the signing of a new agreement by Export Development Canada (EDC).

EDC announced on Oct. 2 that it signed a Memorandum of Understanding with Banco de Poupança e Crédito (BPC), which will provide as much as US$ 1 billion in various financing options for projects undertaken by the Angolan government.

EDC will also provide up to US$ 16 million for other private sector projects considered by BPC.

“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.”

According to the EDC, Canadian trade with Angola overall has averaged $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, which offers commercial solutions to help Canadian exporters and investors expand their international business.

JOC News Service

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