31 October 2015, Lagos – Export Development Canada, EDC, Canada’s official trade finance agency, has emphasised its commitment to facilitating business for sub-Saharan Africa by opening a permanent representation in Johannesburg, South Africa.
As one of the largest and most progressive export credit agencies in the world, EDC has helped facilitate more than $7.4 billion in business between African and Canadian companies over
the past five years, $235 million of which has been with Nigeria. EDC’s financing is available to sub-Saharan corporations, project owners and banks that have, or are open to considering,
business with Canadian companies, or their affiliates in the region.
In Nigeria, EDC will initially be focusing on facilitating business between Canadian companies and Nigerian enterprises in the extractive industries, infrastructure, power, transportation and
ICT.”With 70 years of international financing experience and annual global business volumes nearing USD 100 billion, EDC has 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, and Nigeria will be one of our initial focus areas. We intend to become growth partners for the banks and companies with whom we develop relationships,” says Jean-Bernard Ruggieri, EDC’s first Chief Representative, sub-Saharan Africa. “This is what sets EDC apart from
other financiers, because we measure our success by the success of our customers. So in addition to offering innovative and reliable financing, EDC can serve as a supply-chain talent scout.”
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” says
Ruggieri.EDC follows a very flexible model which allows it to deliver maximum value to partners and customers. “We can offer clients in both developed and developing markets access to financial capital that suits their unique circumstances,” says Ruggieri “and we are well-equipped to meet the financial needs of sub-Saharan companies wanting to trade with Canada, whether they require single contract financing or funds for capital expenditure.