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    Export Development Canada lends $265 million to Spains Telefonica for BlackBerrys

    OTTAWA The Canadian government is helping a Spanish telecommunications company buy BlackBerry smartphones.
    Export Development Canada has loaned 200 million euros, or about C$265 million, to Telefonica to purchase BlackBerrys smartphones and related services.

    The Crown corporation says the agreement will help foster a stronger relationship between the two companies.
    EDCs financing is really about making the transactions between BlackBerry and Telefonica easier, helping to enhance and broaden the relationship between these two major global players, said EDC regional vice-president Lewis Megaw, who is responsible for Africa, Europe and the Middle East. EDC provides financing to international companies to help promote Canadian goods and services, or other international relationships. Telefonica has worked with the EDC on several agreements since 2006, but recent troubles with Spains economy have affected its financial results. The company, which operates in 24 countries, reported that profits dropped to $4.4 million in 2012, compared to $6.2 million in 2011. Revenues were relatively flat. The Spanish firm has also had a relationship with another Waterloo-based company, Sandvine Corp. which provides equipment used to monitor and manage internet networks.

    Export Development Canada lends $265 million to Spain
    04-09-13 03:22 PM

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