Export Development Canada (EDC) today signed a memorandum of understanding with the Fonds Africain de Garantie et de Coopération Économique (FAGACE) that will increase Canadian participation in projects in FAGACE’s 13 member states in West and Central Africa.
“The EDC-FAGACE partnership will help position Canadian exporters in relation to their numerous infrastructure projects in member states, and reinforce our proactive business development efforts on the African continent,” said Rizwan Haider, EDC Group Regional Manager for Africa. In 2007, EDC’s business volume on the African continent reached CAD 2.6 billion, helping some 380 Canadian companies to expand their operations in 35 African countries.
Mr. Haider and Mr. Libasse Samb, Managing Director of FAGACE, signed the Memorandum of Understanding at FAGACE’s headquarters in Cotonou, Benin.
The purpose of the MOU is to promote cooperation with FAGACE in the provision of financing and guarantees for joint projects, and at the same time to enhance EDC’s commercial financial services by obtaining guarantees from the Fund. To boost the private sector in Africa, FAGACE will provide EDC with financial guarantees to support the technical and financial development of its target clientele in FAGACE member states. In addition, the Framework Partnership Agreement with FAGACE will provide EDC with increased capacity to reduce financial risks in these markets, and facilitate the promotion of Canadian technical expertise to African companies.
FAGACE is an international organization specializing in loan guarantees. The Fund’s role is to provide guarantees to local and international financial institutions in order to improve the credit position of African companies. The institution has always considered the fight against poverty, the development of the private sector, the promotion of African integration and the protection of the environment as important vectors to help Africa develop further. The Fund has 13 member countries: Senegal, Mali, Burkina Faso, Gambia, Sierra Leone, Côte d’Ivoire, Togo, Benin, Guinea-Bissau, Cameroon, Rwanda, Central African Republic and Niger.
EDC, Canada’s export credit agency, offers innovative commercial solutions to help Canadian exporters and investors succeed in global markets. Every year, some 6,400 Canadian companies and their international customers benefit from EDC’s knowledge and partnerships to do business in some 200 markets. EDC is financially self-sustaining, and is a recognized leader in financial reporting and economic analysis. It has been named one of Canada’s Top 100 Employers for the past seven years.
Source : http://edc.ca/english/docs/news/2008/mediaroom_14331.htm
Member countries : Benin Burkina-Faso Cameroon Central African Congo Brazzaville Côte d’Ivoire Guinea-Bissau Mali Mauritania Niger Rwanda Senegal Chad Togo
