EDC signs € 500 million agreement with Moroccan Government for future Canadian supply

Apr 03, 2013, 14:11 ET from Export Development Canada

OTTAWA, April 3, 2013 /CNW/ - Export Development Canada (EDC) today announced that it has signed a Memorandum of Understanding (MOU) with the Moroccan Ministry of Economy and Finance, under which the Moroccan Government can access up to € 500 million in financing for national projects and contracts where there is Canadian supply, services or investments.

"Morocco is a market of great opportunity for Canadian exporters, particularly in the infrastructure sector," said Rajesh Sharma, Senior Vice-President, International Business Development, EDC. "Today's agreement is intended to make it easier for the agencies of the Government of Morocco to do more business with Canadian suppliers, and in the process, create more trade between Canada and Morocco."

The three-year agreement was signed by Mrs. Diane Belliveau, Regional Manager, Africa, Europe and the Middle East, EDC and M. Nizar Baraka, Ministry of Economy and Finance, Kingdom of Morocco, and witnessed by Canada's Ambassador to the Kingdom of Morocco, Sandra McCardell, on March 27th in Rabat, Morocco. The signing was part of a larger trade mission organized by the Canadian Embassy in Morocco that included 17 Canadian companies.

Canadian companies used EDC's services to undertake CAD 144 million worth of business in Morocco in 2012.

EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 7,400 Canadian companies and their global customers in nearly 190 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.

SOURCE Export Development Canada