Export Credit Insurance Corporation of South Africa SOC Ltd (ECIC)

About

ECIC is a PFMA schedule 3B entity and is subject to the supervision and regulation by the Prudential Authority and Financial Services Conduct Authority in terms of the Insurance Act, 2017. The mission of the Export Credit Insurance Corporation of South Africa SOC Ltd (ECIC) is to provide insurance solutions in support of South African goods and services by applying best practice underwriting and risk management principles. To support this mandate, the ECIC evaluates export credit and foreign investment risks and provides export credit and foreign investment insurance cover on behalf of the government; and underwrites loans, including equity investments for the export of goods and services from South Africa. The ECIC extends its services as far as it can, consistent with preserving the financial viability essential to its long-term support of goods and services; and provides sound and efficient financial services that contribute to public confidence and comply with international standards. Since its inception the mandate of ECIC has been the facilitation of export trade and cross-border investments. Historically, ECIC has been supporting capital goods exports and services. In 2021, the ECIC mandate was expanded beyond capital goods exports. The authorisation to support non-capital goods exports lays the basis for ECIC to insure consumer goods and short-term export transactions with a tenor of less than two years. On 15 May 2024, the ECIC mandate was extended to cover Euro-denominated transactions. This presents new opportunities in new markets addressing the request from both exporters and SA banks.