Export Development Canada signs deal with Angola

Export Development Canada is preparing to provide up to $1 billion (U.S.) in financing for infrastructure projects undertaken by Angola's government and up to $16 million for private-sector projects.

Financing from EDC, a Crown corporation that raises funds on capital markets and provides various forms of financing that helps facilitate deals, is contingent upon Canadian participation.

EDC announced from Luanda, the Angolan capital, that it had signed a memorandum of understanding with Banco de Poupança e Crédito. It didn't specify what Canadian companies may be involved, or what projects are under consideration in Angola.

Canadian exports to Angola – led by the resource and food sectors, engineering services and various forms of manufacturing – have tripled over the past five years to more than $80 million, while Angola has become a major source of crude oil imports for Canada.