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Russia: Canada Provides Export Financing

Ottawa, 3 March 1997 (RFE/RL) - Canada says it will provide new financing arrangements for a number of private Russian companies.

International Trade Minister Art Eggleton announced the program Friday. He said companies earning hard currency whose clients are likely to purchase Canadian goods and services will be eligible for financing from Canada's Export Development Agency. The target companies will include banks and firms in telecommunications and oil and gas sectors.

Eggleton said he is confident the decision will result in increased activity by Canadian firms in the Russian market. Canadian investment in Russia last year was $400 million, mainly in oil and gas.