ECIC now offer insurance cover to non-South African registered banks and financial institutions
The Export Credit Insurance Corporation SOC LTD (ECIC) CEO, Kutoane Kutoane, is proud to announce the capability to offer insurance cover to non-South African registered banks and financial institutions, as well as foreign registered or domiciled companies, who are willing to support South African export or subject to meeting South African local content requirements.
ECIC and the Minster of Trade and Industry (the dti), Dr. Rob Davies, have executed an Amended and Restatement Agreement (the “Agreement”) to address certain operational matters. Amongst others, the key operational change which has been introduced in the Agreement relates to the eligibility requirement for ECIC insurance policy or cover, which was previously limited to South African registered persons and has now been expanded to include entities and financial institutions or banks registered and domiciled in foreign jurisdictions.
Furthermore, ECIC will be able to underwrite loans or lines of credit not only provided by South African registered banks or financial institutions, but will include non-South African registered banks and financial institutions who are able to finance South African exports, subject to meeting the local content requirements or prescribed thresholds, as highlighted in the preceding paragraph.
Please see the attached document to read the more.