Published On: Thu, Oct 29th, 2015

Canadian finance agency expands to Africa

sub sahara mapJOHANNESBURG, (CAJ News) – AEXPORT Development Canada (EDC), that country’s official trade finance agency, has opened an office in South Africa as a commitment to facilitating business in sub-Saharan Africa.

The facility has been opened in Johannesburg.

With Africa’s massive infrastructure demands and a growing loan market, EDC is looking to grow its total business in the market to US$ 10 billion in the next five years.

Jean-Bernard Ruggieri, EDC’s first Chief Representative for sub-Saharan Africa, said with 70 years of international financing experience and annual business volumes nearing US$ 100 billion, EDC had the capital and experience necessary to undertake transactions of any size for sub-Saharan companies.

“EDC is investing in sub-Saharan Africa for the long term, where we intend to become growth partners for the banks and companies with whom we develop relationships,” he said .

“This is what sets EDC apart from other financiers, because we measure our success by the success of our customers. In addition to offering innovative and reliable financing, EDC can also serve as a supply-chain
talent scout.”

As one of the largest and most progressive export credit agencies in the world, EDC has helped facilitate more than USD 7.4 billion in business between African and Canadian companies over the past five years.

EDC’s financing is available to sub-Saharan corporations and project owners that have, or are open to considering, business with Canadian companies, or their affiliates in the region.

EDC will be looking to provide commercial financing for sub-Saharan corporates and project owners where Canadian suppliers are involved, or where there is potential for Canadian involvement. In addition,
The company will actively pursue opportunities to partner with South African and European banks within their syndicated financing facilities for select sub-Saharan corporates that have, or are open to, Canadian interests.

Key sectors of interest for EDC as it expands into the broader African market include commodities, infrastructure, ICT, clean technology, transportation and agriculture. Light manufacturing and healthcare/life sciences are emerging sectors for EDC in the midterm.

“Canadian companies have strong capabilities in all of these areas and can provide Africa with the goods, services, and expertise that are needed in developing these critical sectors” said Ruggieri.

CAJ News

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