ECIC Export Trade Overview
The Export Credit Insurance Corporation of South Africa SOC Ltd (ECIC) was established 21 years ago, in July 2001, with a mandate to facilitate export trade and cross-border investments through the provision of political and commercial risk insurance cover on behalf of the South African government.
Acting as a catalyst for private sector participation in export trade and cross-border investments, the ECIC steps in where exporters, commercial lenders or investors are either unwilling to or unable to accept political or commercial risks. Along with its sole shareholder – the Department of Trade, Industry and Competition (the dtic), and supported by its business development unit the corporation identifies and unlocks trade and investment opportunities in various countries and sectors. Through collaboration with key market players, ECIC makes use of various market research tools and industry experience to develop insurance products that support government’s export and investment promotion objectives.
In addition to its traditional insurance products, ECIC has developed a number of products including lines of credit, lease and return of plant equipment. The expansion of working capital facilities and bond products beyond the boat building industry, is one of the latest offerings as the company extends its insurance cover beyond capital goods to various sectors in the short-term insurance space. While unlocking available financing for buyers of South African goods and services, the Corporation also continues to be a catalyst in increasing financial institutions’ lending. It also collaborates and has entered into various agreements with other export credit agencies (ECAs)which include, among others, the BRICS ECAs, and multilateral institutions such as Afreximbank and African Trade Insurance. In this way, it creates a framework for both re-insurance and co-insurance.
OUR VISION
To be a world class export credit agency in facilitating South African export trade and investment globally.
MISSION STATEMENT
Our mission is to provide export credit and investment insurance solutions in support of South African goods and services by applying best practice risk management principles.
The company has been involved in flagship projects such as the Nacala Corridor in Malawi & Mozambique, Cenpower in Ghana, and KCM copper mine in Zambia, just to name a few.
The ECIC is committed to support business across many sectors and geographies with a strategic focus on the African continent and other emerging markets through innovative solutions, operational and service excellence, business development and strategic partnerships. In enabling frontier markets to industrialise and diversify the economies, the ECIC is effectively contributing to a positive socio-economic impact in the host countries and job creation in South Africa.