The ECIC and FirstRand Bank (FRB), parent company of RMB, signed a multi-currency guarantee facility equivalent to US$200-million under a risk participation agreement. The product is unique as the ECIC, which traditionally provides export credit insurance, has for the first time agreed to share the risk of a number of South African corporates’ export guarantees with a bank. The ECIC and First Rand Bank will share the default risk on a portfolio of South African corporates’ export guarantees which have been originated by FRB. The three-year facility, which has an option to be extended, is a 50/50 risk sharing arrangement that will enable the ECIC to match FRB’s undertaking in every transaction.
For more information, please read the attached press release below.
RMB and ECIC senior staff members at the signing ceremony held at RMB