EDC to support Angolan infrastructure projects

Export Development Canada (EDC) has signed a memorandum of understanding (MoU) with Angolan bank, Banco de Poupanca e Crédito (BPC) to support Canadian companies in future infrastructure projects in Angola.

Under the agreement, EDC will provide up to US$1bn in various financing forms for projects undertaken by the Angolan government. EDC will also provide up to US$16mn for other private sector projects considered by BPC. EDC involvement is contingent upon Canadian participation.
Since 2003, Canadian trade with Angola has averaged C$45mn and over the last five years, Canadian exports to Angola have tripled to over C$80mn, while in return Angola has become a major supplier of crude oil to Canada.

“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,” comments 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,” he adds.