EDC earmarks $750M to help oilpatch firms

CALGARY - Export Development Canada is earmarking $750 million to help support the struggling oil and gas sector.

Mark Senn, regional vice-president for Western Canada, says that could take the form of loans or guarantees.

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The trade financing agency will focus its efforts on small and medium-sized firms.

It says that's where the additional liquidity can be most effective in helping sustain jobs and bolster the economy.

Senn says EDC will be choosing to support companies that have a solid plan to survive the downturn and have an interest in international opportunities.

He says he expects the bulk of the recipients will be in Alberta, but there are many firms elsewhere in the country that have suffered because of the crude price collapse.



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