Export Development Canada shifted its position on Saudi Arabia on Tuesday from “off cover” to “open on restricted basis,” ending a 10-month halt on business. The EDC move to suspend business in the country came after the Saudi government put its own freeze on any new deals for Canadian firms. Canada’s export financing agency has lifted its suspension on Saudi Arabia-related activity, citing an improving environment for the nation’s businesses since a diplomatic blowout with the kingdom last summer. In response, Saudi Arabia lambasted Canada for interfering in its domestic affairs, expelled the Canadian ambassador to Riyadh and ordered a freeze on new investment. Before the incident, EDC had rated Saudi Arabia as open for business with a low risk of political interference.

Source: thestar July 03, 2019 03:22 UTC