Export Development Canada opens up credit line to Angola

9 June 2009

Luanda, Angola, 9 June – Export Development Canada (EDC) has opened a credit line worth US$1 billion to Angola with a view to increasing trade between the two countries, the Canadian ambassador to Angola said Monday in Luanda.

During a seminar organised by the Canadian Council for Africa in partnership with the Canadian Department of Foreign Affairs and International Trade, Ambassador Barbara Richardson said that over the last five years exports from Canada to Angola had risen to over US$246 million whilst bilateral trade totalled over US$2.5 million per year.

“In trade between the two countries, exports are led by the manufacturing, extractive, food and engineering services sectors,” said Richardson adding that Angola had become one of Canada’s biggest trade partners in Africa.

Since Monday and until 11 June, a Canadian business mission, led by the Canadian Council for Africa has been in Angola in order to evaluate the business and investment opportunities that the country offers.

The Canadian mission also includes representatives of companies Alberta International & Intergovernmental Relations, The Canadian Commercial Corporation, Cowater International Inc., Social Development Group, Public Financial Management and Accountability Group, Municipal Services and Enterprise Group, Export Development Canada, Holland Water Wells, LCL, One Roof International Ltd and SNC-Lavalin Group Inc.

Export Development Canada provides funding and insurance services to Canadian companies that export goods and services or that plan to invest in other countries, fundamentally helping small and medium-sized companies to manage risk and take advantage of commercial opportunities. (macauhub)