EDC has established a US$50 million line of credit with Sonatrach, the country's leading oil and gas company. The line of credit will be used to finance the sale of capital goods and services by Canadian companies to Sonatrach and its subsidiaries.

"The Algerian oil and gas industry offers Canadian exporters many opportunities, " says Henri Souquières, EDC Vice President, International Markets. "This is just one example of EDC's on- going commitment to Africa and to helping Canadian exporters in emerging markets."

The agreement was signed by Mr. Souquières and by Sonatrach's Executive Director of Finance, Ahmed Mostefaoui. EDC president and CEO A. Ian Gillespie and Sonatrach president Chakib Khelil were also present for the signing.

Algeria is Canada's largest trading partner in Africa. EDC has financed or insured $450 million in exports and investments over the past five years. EDC also has a US$100 million line of credit with Banque Algerienne de Development.

EDC provides trade finance and risk management services to Canadian exporters and investors in up to 200 markets. Founded in 1944, EDC is a Crown corporation that operates as a commercial financial institution.

For more information , please contact:Rod Giles, EDC Media Relations

or

Dennis Goresky
Regional Director, Central & Eastern Europe
(011-48-22) 584-3240
dgoresky@edc.ca