ECIC signs agreement with BRICS countries’ export credit insurance agencies

The Export Credit Insurance Corporation of South Africa SOC Ltd (ECIC) has entered into a Memorandum of Understanding (MoU) on Co ‐ operation with the Export Credit Insurance Agencies (ECA’s) of BRICS countries in Fortaleza, Brazil.

The MoU, which was signed on the last day of BRICS Summit on Tuesday 15 July 2014, in front of the heads of state and ministers from BRICS countries, aims to strengthen collaboration among BRICS countries ECAs by establishing a framework of co‐operation to support and encourage international trade between the BRICS countries, and to facilitate the supply of goods and services from their respective countries as part of projects in any of the BRICS countries.

According to the Memorandum, the Agencies will cooperate on joint projects in third countries, targeted at developing the accumulated potential of trade and manufacturing ties. Furthermore, the information exchange envisaged under this enhanced collaboration will allow ECAs to minimize their risks and increase the volumes of BRICS members’ insurance export support.

“The co‐operation will also help foster trade support networks, business linkages and improve business environment between South Africa and other BRICS countries.

ECIC Chief Executive, Mr. Kutoane Kutoane, who signed the agreement on behalf of ECIC, said that there is tremendous value in engaging exporters and supporting South African trade and investments in BRICS countries. “The agreement will also enable BRICS ECAs to seek assistance and advice from each other in all matters relating to export insurance for projects undertaken in any of the BRICS countries,” said Kutoane.

“There is a good scope for leveraging the linkage among ECAs to enhance exports,” . “These agreement and collaboration will increase the presence of SA’s companies in BRICS countries. ECIC, in collaboration with SA’s Banks and Development Finance Institutions looks forward to a sustainable relationship for the support of export trade development through BRICS ECAs co‐operation,” concluded Kutoane.

The five export credit agencies of BRICS countries namely the ABGF (Brazilian Fund and Guarantee Management Agency), EXIAR (Export Insurance Agency of Russia), ECGC (Export Credit Guarantee Corporation of India Ltd), SINOSURE (China Export & Credit Insurance Corporation) and ECIC (Export Credit Insurance Corporation of South Africa Ltd) are all state‐owned agencies and members of the ‘Association of International Union of Credit & Investment Insurers’ which is also known as the ‘Berne Union’.

Issued By
Communications and Marketing Unit Export Credit Insurance Corporation SOC LTD (ECIC) I 012 371 3800

Contact: Odirile Ramasodi 082 398 6807