Export Development Canada (EDC) and the Banque Algrienne developpement have signed a US$100mn line of credit to finance the supply of goods and services from various industries across Canada to Algerian buyers.
The line will be used primarily for non-oil sector related products and services, including exports from the advanced technology, communication technology, machinery and equipment, and automotive industries. This facility, which has a maximum repayment term of 10 years, will replace a similar one established with the bank in 1996 that expired last year. The Banque Alg‘ rienne developpement is fully owned by the Algerian government.
Algeria has traditionally been EDC’s largest market in Africa with almost C$552mn of business concluded in the country last year. EDC has been active in supporting business with the Banque Algrienne developpement for more than 30 years. Lines of credit totalling C$1.442bn in support of Canadian exporters have been extended to the bank since 1973.