ECIC (Export Credit Insurance Corporation of South Africa)
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The corporation operates under the auspices of the Department of Trade, Industry and Competition. The mandate the corporation is to facilitate and encourage South African export trade by underwriting bank loans and investments outside the country to enable South African contractors to obtain capital goods and services contracts in countries outside South African borders.
The Corporation is a self-sustaining company and a Schedule 3B entity under the Public Finance Management Act, 1999 (as amended). The Corporation is regulated by the Financial Sector Conduct Authority and Prudential Authority, respectively, and subject to legislation applicable to state-owned companies.
The ECIC facilitates cross-border investment and export trade through provision of commercial and political risk insurance to South African exporters of capital goods and services to support medium and long-term loans advanced by banks and other financial institutions.
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As the market becomes more and more challenging, ECA support will be more necessary than ever. We gather ECAs and product users active across Africa to consider what the product is needed for in these trying times:
- What initiatives is ECIC working on to support businesses impacted by Covid-19?
- What have international ECAs offered for their local exporters seeking to do business in Africa?
- Businesses will continue to need support even when the bulk of the crisis recedes. Will ECA led initiatives be long-term, and how do they plan to serve their clients further down the line?
- Will the OECD need to become more flexible in its guidelines surrounding local content? To what extent are these rules inhibiting international investment into African projects in need of ECA cover?
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