We were approached for financing support, but we are not participating in the transaction.”
Another source with knowledge of the matter said that the credit agency said it was undergoing restructuring and asked for a two-week extension to deliver the term sheet to Uganda Airlines. A term sheet spells out the terms and conditions as well as the schedule for repayment of a loan. EDC was expected to deliver the term sheet on September 21.
But Shelley Maclean, the principal advisor for external communications at the Canadian Export-import bank, told
that the lender had not committed any finances for this transaction.
“We were approached for financing support, but we are not participating in the transaction. Due to the commercial confidentiality clauses on prospective transactions, I will not reveal the reasons,” said Ms Maclean.
A Ugandan government official however said that it received the term sheet from Canada Exim Bank on Thursday last week and a meeting was held at the Ministry of Finance on Friday to evaluate it.
“In all 12 new offers have come in but a decision has been taken against revealing their Shelley Maclean, Canadian Exportimport Bank