ECIC Corporate Governance
To be a world class export credit agency in facilitating South African export trade and investment globally.
Our Mission is to provide export credit and investment insurance solutions in support of South African capital goods and services by applying best practice risk management principles.
The Corporation has five values being:
- Accountability – We accept transparency and responsibility for our decisions and actions.
- Excellence – We are committed to the highest level of performance through continuous improvement of our skills and business practices
- Innovation – We encourage open-mindedness and support innovation and the development of new ideas and processes for the continued improvement of our Corporation
- Integrity – We strive to conduct every aspect of our business with honesty, integrity, and fairness
- Teamwork – We work together as a team internally and collaborate externally with our stakeholders and customers. We appreciate that as a team, we can achieve much greater things than as individuals.
These values are reinforced by the Code of Ethics and Business conduct “the Code” and are also reflected in our policies and procedures.
The ECIC’s role in South Africa
Founded: 2 July 2001
Enabling act: Export Credit and Foreign Investments Insurance Act (1957, as amended)
Shareholder: South African government, represented by the dti
Head office: Centurion, Pretoria
Top 10 countries where the ECIC has exposure: Ghana (21.75%), Zambia (19.91%), Zimbabwe (12.78%), Mozambique (11.17%), Tanzania (9.14%), Iran (8.82%), Liberia (5.71%), Angola (3.23%), Lesotho (2.04%), Sierra Leone (1.96%)
The ECIC provides insurance that enables South African exporters to offer their services and products on the international market. It has a particular focus on emerging markets in Africa that are considered too risky for conventional insurers. Its overarching goal – and its mandate from the South African government as its sole shareholder – is to make South African exporters attractive to international buyers to attract foreign income, stimulate domestic economic growth and create local jobs.
The ECIC’s various insurance products (see page 12) are formulated to protect all parties involved in cross-border projects, from the institutions that provide financing, to the foreign buyers, to the exporters themselves. It is not uncommon for a single project to be linked to multiple ECIC policies covering both commercial risk (the risk that a buyer will not honour its contractually agreed payments for whatever reason) and political risk (the risk that a project fails due to the actions of the project’s host government).