Export Development Canada opens in Johannesburg

A permanent office of Export Development Canada (EDC) was opened in Johannesburg Thursday.

Additionally, the export credit agency, which has to date put into motion more than $7.4 billion worth of business between African and Canadian companies over the past five years, is focusing its efforts in Ghana.

“With 70 years of international financing experience and annual global business volumes nearing $100 billion, EDC has the capital and experience necessary to undertake transactions of any size for sub-Saharan companies," EDC First Chief Representative for Sub-Saharan Africa Jean-Bernard Ruggieri said. "EDC is investing in sub-Saharan Africa for the long term, and Ghana will be one of our initial focus areas. We intend to become growth partners for the banks and companies with whom we develop relationships.”

EDC offers financing to sub-Saharan corporations, project owners and banks willing to doing business with Canada-based corporations or their affiliates. Ghanaian projects will mainly cover extractive industries, agricultural equipment, infrastructure, power and transportation.

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

Ruggieri hopes that EDC's investments will cause exponential growth in his company. 

“Africa has massive infrastructure demands and a growing loan market, and in these conditions, EDC is looking to grow our total business in the market to $10 billion in the next five years," Ruggieri said.