Export Credit Insurance Corporation of South Africa … to the Portfolio Committee on Trade and Industry ECIC Annual Report Export Credit Insurance Corporation of South Africa SOC

Presentation to the Portfolio Committee on Trade

and Industry ECIC Annual Report

Export Credit Insurance Corporation of South Africa

SOC Limited (ECIC)

9 October 2013 1

Lesego Mosupye Chief Risk Officer Tel: 012 471 3817 or 082 558 4106 [email protected]

Sedzani Mudau Chief Financial Officer Tel: 012 471 3814 [email protected]

Abel Mawela Non Executive Director (Chairperson of the Audit & Risk Committee) Tel: 083 266 1236 [email protected]

Lindelani Mphaphuli General Counsel Tel: 012 471 3813 [email protected]

2

ECIC REPRESENTATIVES

mailto:[email protected]





CONTENTS

• INTRODUCTION

• 2012/13 PERFORMANCE REVIEW

• LATEST PERFORMANCE REVIEW FOR 2013/14 AS AT 30 JUNE 2013

• FORWARD FUNDING REQUIREMENTS FOR 2014/15 MTEF

3

• The official Export Credit Agency for the Republic of South Africa

• Established as a SOE in 2001 in terms of the Export Credit and Foreign Investment Insurance Act (1957), as amended

• Mandated to promote exports of South African goods and services by providing insurance

• We therefore specify and monitor the level of SA content on supported export contracts

• We are subject to the PFMA, Companies Act and the Short Term Insurance Act

4

INTRODUCTION

Office of CEO

CRO

Risk

Internal Audit

IT

COO

Underwriting

Political & Economic Research

Portfolio Management

Business Development & Marketing

CFO

Finance

Procurement & Office

Management

Investment Portfolio

Management

General Counsel

Legal

Corporate Secretariat

Compliance

Actuarial HR

5

INTRODUCTION

Organisational Structure

• 2012/13 was a successful year for ECIC

• We met or exceeded all our targets in the strategic plan

• We grew the insurance portfolio by 58% to R17 billion

• An estimated R2,7 billion of value adding exports were facilitated in 2012/13

• An estimated 15,327 jobs are expected to be created / sustained in 2012/13

• We grew the balance sheet by R1 billion to R5 billion

• We achieved a clean audit

6

INTRODUCTION

2012/13 Performance Review

OBJECTIVE PERFORMANCE/ KEY INDICATOR

MEASURE 2012/13 TARGET 2012/13 RESULT

Facilitate Export Trade and Investment Outside South Africa

The value of insurance applications approved by the ECIC Board in order to support the export of South African goods and services or investments outside South Africa

USD Value of export credit and/or investment insurance applications approved by the ECIC Board

US$ 600 million being the value of export credit/investment insurance applications be approved by the ECIC Board

18 (eighteen) new projects to the value of US$ 953 million were approved by the ECIC Board

7

450

600

247

516

815

651

936

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

0

100

200

300

400

500

600

700

800

900

1 000

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

% G

row

th(

y-o

-y)

US$

' mill

ion

BOARD APPROVALS (FY2009 - FY2013)

TARGET APPROVED % GROWTH (y-o-y)


8

89%

8%

3%

REGIONAL EXPOSURE OF APPROVALS - US$953 MILLION

(2012/13)

Southern Africa East Africa West Africa


73%

12%

4% 5% 5%

0% 0% 1%

SECTORAL EXPOSURE OF APPROVALS – US$953 MILLION

(2013/13)

Mining Power Transport

Financial Services Property telecom

Hospitality manufacturing

9




The value of export credit and/or investment insurance policies signed by ECIC to support the export of South African goods and services or investments outside South Africa

USD Value of export credit and/or investment insurance policies signed by ECIC during the financial year

US$ 200 million being the value of export credit/investment insurance policies to be signed by ECIC in this specific financial year

14 (fourteen) new policies to the value of US$ 769 million were signed


10

11

0

2

4

6

8

10

12

14

0

100

200

300

400

500

600

700

800

900

1 2 3 4 5

US$

’ mill

ion

POLICIES SIGNED FY 2009 – FY 2013

Export Credit Policies Investment Guarantee Policies No. of Policies Signed





The value of loans disbursed and/or investment insurance exposures declared under insurance policies signed by ECIC to support the export of South African goods or investments outside South Africa

USD Value of loans disbursed and/or investment insurance exposures declared under insurance policies that are effective under the ECIC insurance/re-insurance portfolio

US$ 180 million being the value of loans disbursed and/or investment insurance exposures declared for the specific financial year under insurance policies that are effective under the ECIC insurance/re-insurance portfolio

US$ 1,240 billion of loans disbursed and investment insurance exposures were declared


12

13


0

200

400

600

800

1 000

1 200

1 400

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

US$

’ mill

ion

USD VALUE OF DRAWDOWNS AND DECLARATIONS (FY2009 – FY2013)

Board Approvals Policies Signed Drawdowns and Declarations

14

-

100

200

300

400

500

600

700

800

900

IMU supported Export Credit business Non IMU supported Investment Insurancebusiness

US$

' mill

ion

FY 2013 DRAWDOWNS & DECLARATIONS SPLIT BY BUSINESS LINES AND SECTOR

mining Roads Infrastructure Telecomunications Manufacturing

Transport Power Hospitality Agro Industries

R5 Billion*

R7 Billion*


* Year-end exchange rate was R9.2521

15


Sample of Projects & Exporters Supported

IMPACT OF ECIC ON THE SOUTH AFRICAN ECONOMY • Over the financial year period 2009/10-2012/13, the ECIC supported projects to

the value of R12.8 billion

16

947 2 660 3 736

5 450 3 607

7 343

12 793

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

2009/10 2010/11 2011/12 2012/13

R‘ m

illio

n

Value of ECIC Effective Policies*

Loan Values Cumulative

*Amounts exclude approved applications which are not yet policies


IMPACT OF ECIC ON THE SOUTH AFRICAN ECONOMY…

17

• A significant amount of capital investment is destined for mining & infrastructure projects with Zambia, Zimbabwe & Tanzania being beneficiaries

6 414

2 217 1 309 1 045

647 618 494 39 9

-

1 000

2 000

3 000

4 000

5 000

6 000

7 000

Min

ing

Infrastru

cture

Electricaleq

uip

men

t

Acco

mm

od

ation

Transp

ort

equ

ipm

ent

Co

mm

un

ication

equ

ipm

ent

Oth

er

Bo

atbu

ildin

g

Foo

d &

Beve

rages

R'm

illio

ns Exposure by Sector FY 2010 – FY2013



18

• R13.1 billion has been added to the South African economy

3 941

2 638 2 587

3 969

6 579

9 166

13 135

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

2009/10 2010/11 2011/12 2012/13

R'm

illio

n

GDP Impact

GDP Cumulative



19

• Approximately 48 000 job opportunities have been created/sustained

8 714 8 831 15 327 15 177

23 891

32 722

48 049

-

10 000

20 000

30 000

40 000

50 000

60 000

2009/10 2010/11 2011/12 2012/13

Nu

mb

er

of

Job

s

Employment Impact

Employment Cumulative



20

• Most job opportunities have been created in the manufacturing sector

12 659

1 881 3 176

12 910

2 517

6 833 5 655

2 417

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

2009/10 2010/11 2011/12 2012/13

Nu

mb

er

of

Job

s

Employment Impact by Sector

Financial &BusinessServices

Manufacturing

*Manufacturing include capital equipment & machinery used in mining, transport and construction industries



21

• Semi-skilled workers have benefited the most

3 700 2 513 2 458

3 734

6 493

3 624 3 698

6 563

4 983

2 577 2 675

5 030

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

2009/10 2010/11 2011/12 2012/13

Nu

mb

er

of

wo

rke

rs

Employment Impact by Skill Level

Unskilled labour

Semi-skilled labour

Skilled labour



22

• In line with IPAP objectives, R7.6 billion value added exports were facilitated

473 1 669 2 725 2 725

2 142

4 867

7 592

-

2 000

4 000

6 000

8 000

2009/10 2010/11 2011/12 2012/13

R‘ m

illio

n

Direct Manufactured Exports

Exports Cumulative



23

• Approximately R3.5 billion was added to the national fiscus

1 061

698 677 1 049

1 759

2 436

3 485

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2009/10 2010/11 2011/12 2012/13

R‘ m

illio

n Fiscal Revenue Impact

Fiscal Revenue Cumulative


3 203 2 792

3 167

3 870

4 961

1 345

829 949 1 005

1 620

-

1 000

2 000

3 000

4 000

5 000

6 000

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

R’ m

illio

n

TOTAL ASSETS VS INSURANCE LIABILITIES (FY2009 - FY2013)

Total Assets Insurance Liabilities


24

170 157

388 200

718

305 290 172

389 245

- 100 200 300 400 500 600 700 800

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

R’ m

illio

n

PREMIUM INCOME (FY 2009 – FY2013)

Premiums written Earned premiun


25


OBJECTIVE

PERFORMANCE/ KEY INDICATOR


Strategic Alliances: Build mutually-beneficial local, regional and global relations to advance South Africa’s trade and economic development objectives

Initiate cooperation agreements or arrangements with ECAs or DFIs in Africa, Middle East or other members of BRICS and other developing nations

The number of Co-operation agreements or arrangements initiated with ECAs or DFIs in Africa, Middle East or other members of BRICS and other developing nations

Initiate draft co-operation agreements or arrangements with two of the targeted ECAs or DFIs

Two co-operation agreements were initiated with ATI and EXIAR.

26

• We participate in the Berne Union and Prague Club so as to stay abreast of the latest international developments in our line of business.

• We represent South Africa as observer member on the OECD export credit working committee

• We entered into co-operation agreements with EXIAR, the Russian ECIA as well as ATI, the multi-lateral credit insurance agency based in Nairobi, Kenya. We work with these ECAs to share expertise and know-how.


27



Promote a professional, competitive and customer focused workforce that ensures an effective and efficient service to our customers

Raise awareness of ECIC and/or ECIC products by engaging with various export promotion agencies and/or economic development agencies or through conferences in the various provinces in South Africa

The number of ECIC product presentations or awareness sessions held with export promotion agencies and/or with economic development agencies or through conferences in the various provinces in South Africa

12 ECIC product presentations or awareness sessions held with export promotion agencies and/or with economic development agencies or through conferences in the various provinces in South Africa

Twenty nine presentations to conferences and export promotion workshops covering all nine provinces were held


28

• We raise awareness of ECIC products by engaging with key structures that can provide us access to our target market and stakeholder who comprise manufacturers and exporters of capital goods and services

• The key structures we use include:

• Export councils and profession associations

• Business chambers

• Government agencies

• Provincial economic development agencies

• For the financial year 2012/13 we met with 29 different organisations across South Africa and their members to share information on ECIC and its products


29

We participate in various export or industry related conference as speaker or sponsor Our long running sponsorship is for the Annual Mining Indaba conference which focuses on mining projects on the Africa continent We have found our participation on this conference to be beneficial as it has led to a number of new applications for ECIC products


30




Raise awareness of the ECIC and/or ECIC products through print media advertisement campaign

The number of provinces in which the ECIC ran a print media advertising campaign

Run a print media campaign based on the ECIC Marketing Plan in 2 provinces

Print media campaign with newspapers and magazines that have national and international coverage


31

Historically ECIC has focused on developing direct relationships with key customers and clients as opposed to general marketing.

In this financial year, ECIC went out for the first time adopted a strategy to advertise its products and services and appointed a marketing specialist to develop a marketing plan.

As at year-end we were successful in placing adverts on national and international publications.

The campaign was successful as it resulted in a direct enquiry about our products. We are currently working to broaden the reach of the campaign and increase the budget.


32

During the year the ECIC received awards

• African renewable deal of the year 2011 for Addax Bio-energy project in Sierra Leone

• African mining deal of the year 2012 for the Konkola Copper mine in Zambia

33


34



Fostering risk orientation: Create an enterprise wide risk awareness and effective corporate governance and risk management practices

Reduce the concentration of the ECIC insurance and re-insurance portfolio with reference to country exposure

The single largest country exposure as a percentage of the total ECIC insurance portfolio not exceeding the target

The single largest country exposure as a percentage of the total ECIC insurance portfolio not exceeding 34%

The single largest country exposure as at 31 March 2013 is Zambia at 25% of the portfolio which is within the 34% target range


35


25%

16%

13%

9%

5% 4% 4%

2% 2%

1%

1%

1%

1%

8%

8%

Outside Africa; 16%

COUNTRY EXPOSURE AS AT 31 MARCH 2013

Zambia Mozambique Zimbabwe Tanzania Ghana

Sierra Leone Angola Malawi DRC Uganda

Nigeria Sudan Other Countries Iran Russia

• As a registered Short Term Insurer we regulated by the Financial Service Board (“FSB)

• The FSB has embarked on a project to modernise regulatory supervision in South Africa and is in the process of amending the short term insurance legislation to provide for a much more rigorous risk management and governance framework for the insurance industry

• The ECIC undertook a gap analysis of its current risk management and governance framework during the year and is in the process of developing remedial action to address identified gaps

• The ECIC is also participating in the industry consultation process for the development of the legislation

36


37



Effective stewardship; Consistently utilize sound business environment and social principles, applying international best practice.

Develop and implement a Social Responsibility Investment Plan for ECIC

Progress achieved against the agreed milestones for the development and implementation of the Social Responsibility Investment Plan

Development and approval of the Social Responsibility Investment Plan

The Social Responsibility Investment Policy was approved by the Board. Implementation of the Social Responsibility Investment Plan has already commenced as fully set out in page 39 of the Annual Report (Sustainability Review)


Education

Skills Develop

ment

Welfare

38


KEY FOCUS AREAS

• During the year the Board established and Social and Ethics Committee and approved the Corporate Social Investment Policy

• R2,3 million was spent on education

• We are supporting students studying towards Accounting, Actuarial Science, Engineering and Economics across the country

• We developed a partnership with an NGO that supports after-school learning centres for grade 12 learners catering for about 300 students in Gauteng.

• This program has been extended to other provinces in 2013/14

• We established an ECIC graduate program to impart working experience to recent graduates

39




Increase the value of procurement spend from BBBEE certified suppliers or service providers when measured against the total procurement spend of ECIC

The percentage value of procurement spend from BBBEE certified suppliers or service providers when measured against the total procurement spend of ECIC

70% being the target percentage value of the ECIC procurement spend from BBBEE certified suppliers or service providers when measured against the total procurement spend of ECIC in this financial year

The percentage value of BBBEE spend was 93%


• During the year the ECIC engaged Empowerdex to perform a BBBEE rating

• The outcome of the rating was a level 5 rating and highlighted significant deficiencies in CSI and Enterprise development

• We have since adopted a CSI policy and are in the process of developing an enterprise development policy

• We score highly on elements such as employment equity and preferential procurement.

40


41


05

101520253035

Male Female Whites ForeignNational

HDI TotalComplement

Nu

mb

er

EMPLOYMENT EQUITY ACHIEVEMENTS – 31 MARCH 2013

Executive Management Operational Management Other Staff

42




Develop and implement an environmental and social policy to regulate ECIC approach to the management of environ-mental and social risks in transactions supported by the ECIC

Progress achieved against agreed milestones for the development and implementation of the environmental and social policy to regulate ECIC approach for the management of environmental and social risks in transactions supported by the ECIC

Development and approval of an ECIC environmental and social policy.

The Environmental and Social Policy was approved by the ECIC Board


• As an organisation that operates on an international scale we have a duty to ensure that the projects in various countries that we support uphold social and environmental principles that are enshrined in our constitution.

• It is on this basis that we have developed a comprehensive social and environmental policy for public and private sector projects that we support.

• Our policy for public sector projects is benchmarked against the World Bank Guidelines, whilst the policy for private projects is benchmarked against the International Finance Corporation (“IFC”).

• In developing this policy we also worked in collaboration with the Export Development Canada (“EDC”) the official export credit agency of Canada.

43


R’000 FY2013 FY2012

Gross Written Premium R718,047 R199,864 259%

Claims Incurred R63,825 R3,361 1799%

Operating Expenses (R51,601) (R43,978) 17%

Underwriting Profit R380,010 R353,310 8%

Investment Income R297,814 R221,611 34%

Foreign Exchange Movement (USD Functional)

(R405,418) (R252,749) 60%

Foreign Exchange Movement (Rand Functional)

R132,121 R37,238 255%

Profit after Tax (USD Functional) R62,025 R188,569 67%

Profit after Tax (Rand Functional) R591,582 R477,066 24%

44


KEY FINANCIAL HIGHLIGHTS (Income Statement)

Amounts in brackets are expenses or losses Green arrow denotes that the movement is favourable to ECIC and the red arrow is unfavourable

R’000 FY2013 FY2012

Total assets R4,961,281 R3,869,654 28%

Investment Portfolio and cash R4,403,492 R3,675,022 20%

Insurance Liabilities and CAR R2,144,414 R1,354,044 58%

Free Capital R2,816,867 R2,515,610 12%

KEY FINANCIAL RATIOS

Claims Ratio Less than 0% Less than 0% Claims covered by salvages

Cost to Income Ratio 14% 11% 27%

Return on Equity 22% 19% 16%

Investment Return 7% 6% 17%

45


KEY FINANCIAL HIGHLIGHTS (Balance Sheet)

Facilitate Export Credit & Investment Outside South Africa

Value of export Credit / Investments insurance approved by the ECIC Board (US$720 million)

Value of export credit / investment insurance policies signed (US$240 million)

Value of loans disbursed / investment insurance declared (US$216 million)

Approvals of US$80 million were achieved against a target of US$180 million for the quarter. We have subsequently approved an amount of US$488 million for various projects

One policy to the value of $7 million was signed during the quarter against a target of $60 million for the quarter.

A total of $121 million was disbursed or declared against a target of US30 million for the quarter.

46

Latest Performance Review for 2013/14 as at 30 June 2013

(The annual target for the performance indicator is indicated in brackets)

Facilitate Export Credit & Investment Outside South Africa

Number of SME applications presented to the Credit Insurance Committee (5 applications)

Percentage value of approvals that qualify as repeat business from exporters (25% of total approvals of US$720 million)

Work in progress

An application to the value US$17 million that was approved during the quarter also qualified as repeat business from an exporter

47



Strategic Alliances: Build mutually-beneficial local, regional and global relations to advance South Africa’s trade and economic development objectives

Number of cooperation agreements or arrangements initiated with ECAs or DFI (2 agreements / arrangements)

Number of business training or cooperation proposals initiated by ECIC with other ECA’s or DFI’s (5 initiatives)

Number of brokerage agreements concluded to establish brokerage relationships (2 agreements)

Work in progress

2 training proposal were initiated during the 1st quarter with SACE (Italy) and BECI (Botswana)

The brokerage policy was developed and approved by management

48




Number of ECIC product presentations or awareness sessions held with export agencies, provincial economic development agencies etc. (15 presentations)

Number of research reports produced by ECIC (2 research reports)

Number of stakeholder website linked to the ECIC website (10 website links)

18 presentation were held during the quarter which included a conference in Zambia were we held an exhibition

Work in progress

Work in progress

49




USD value of approvals for BEE undertakings (US$25 million)

Number of provinces covered by the ECIC marketing initiative (2 provinces)

Number of articles / interviews with media (4 articles or interviews)

An application to the value of US$67 million was approved for a 50% owned BEE exporter

An advertisement was placed on the “African Union 50th Anniversary” publication

The Business Day interviewed the acting CEO after his presentation to the Portfolio Committee on Trade and Industry

50




Achieved the planned intervention on Human Resource matters as set out on the Human Resource Plan

• Staff retention for the quarter was 97.6% against a target of 85%

• Training spent was 21% of the quarter target

• 83% of key staff had completed their personal development plans for purposes of succession planning

• Job grading was completed

• The target to achieve 50% female representation for staff and management was achieved

• The representation for people with disabilities is below the target of 3%

51


Fostering risk orientation: Create an enterprise wide risk awareness and effective corporate governance and risk management practices

Single largest country exposure (not to exceed 32% of total portfolio)

Implementation of SAM gap analysis (achieve compliance with SAM)

The single largest country exposure as at 30 June 2013 was Zambia with 24.5% and was within the target.

The Board approved the Remuneration and Outsourcing Policies. The corporation is still in progress with the development of investment and underwriting policies.

52


(The annual target for the performance indicator is indicate in brackets)


Amount spent on Corporate Social investment (“CSI”) as a percentage of net profit after tax (1% of PAT for FY2012/13)

Number of CSI programs supported under 3 focus areas (3 CSI programs supported)

BBBEE spend as per the dti code (100% BBBEE spend)

As at 30 June 2013 CSI spending was less than 1% of the target spending of R5 million.

As at 30 June 2013, 3 CSI initiatives had been identified but not yet sponsored.

The BBBEE spend for the quarter ending 30 June 2013 was 82%

53




BBBEE score for ECIC (Level 4)

Timing of payments to service providers (within 30 days of invoice or statement)

The BBBEE score for 2012/13 was level 5, the BBBEE score for 2013/14 will be completed after year end.

93% of the value of all invoices paid for the quarter were paid within 30 days

54



55

• In 2012, National Treasury together with the dti approved a new IMU scheme.

• This IMU scheme is an evergreen scheme, and may be reviewed every three years without interrupting its operation.

• The scheme provides for cheaper prices for loans with a shorter repayment period.

• Therefore smaller contracts which generally have shorter repayments will benefit from the cheaper interest rates under the new IMU scheme.

• Fixed term interest rates are also available for big infrastructure projects that require long-term fixed funding.

forward funding requirements or realignments for 2014/15 MTEF

• We anticipate that the price competitiveness of the new IMU scheme will lead to increased utilisation.

• The projected increase in the pipeline of projects and new commitments will stretch and exceed the current budget allocations made in the MTEF (Medium Term Expenditure Framework).

• Given the two year lead time before the surplus funds in the IMU bank account run out, there is time and space to revisit the budget assumptions and future budget allocations.

• Our current estimates is that the will be an IMU shortfall of roughly R371 million by FY 2015/16 and a continuing additional budget requirement of at least R300 million for every year thereafter

• We believe the IMU budget from 2015/16 should be increased by at least R300 million

• We had a fruitful meeting with National Treasury who were impressed by the significant impact of IMU on job creation which supports the motivation for increasing the IMU budget

56


57

-

50 000

100 000

150 000

200 000

250 000

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

R'0

00

IMU DISBURSEMENTS (FY2009 – FY2013)

Disbursements to financial institutions (outflow)


58

R 686 433

R 550 918

R 24 307

(R 191 727) (R 1 686)

R 3 570 R 30 021

R -

R 100 000

R 200 000

R 300 000

R 400 000

R 500 000

R 600 000

R 700 000

R 800 000

Fund Balanceas at 1 April

2012

Transfers fromthe dti

IMU paymentsto financialinstitutions

IMU schemeadministration

expenses

Profits from theMozal (ZAR)IMU scheme

InterestReceived

Fund Balanceas at 31 March

2013

R’0

00

IMU FUND MOVEMENT FOR FY 2013


59


24 307 110 293 110 370 115 447

371 249

191 272

323 346

380 110

554 822 550 918

337 865

68 125

-

100 000

200 000

300 000

400 000

500 000

600 000

700 000

-

100 000

200 000

300 000

400 000

500 000

600 000

700 000

Mar-13 Mar-14 Mar-15 Mar-16

R’0

00

R’0

00

Over the next 3 years the IMU fund account is depleted (including new business)

the dti transfers Interest income Top Up Required

actual payments IMU fund account

60

• The demonstrable positive economic impact of the IMU export incentive scheme creates a strong basis and justification for an increased budget allocation going forward.

• The increased demand and improvements in the efficiency of the disbursements of the funds bodes well for the effective rollout of this export incentive scheme.

• ECIC’s strong focus on the African continent makes the IMU export incentive scheme a critical component of the strategic interventions required to access new export markets on the continent.

• It is important to diversify the country’s export basket and lessen over reliance on our traditional markets such as the EU.


61

TERM DEFINITION

IMU Interest Make Up. A subsidy scheme provided by the South African Government to support exports of South African goods and services by through a competitive funding package to offshore buyers

DFI Development Financial Institution

ECA Export Credit Agency

BECI Official export Credit Agency of Botswana

SACE Official export Credit Agency of Italy

SAM Solvency Assessment Management project. A project to modernise insurance industry regulation by the FSB

SAM Social Accounting Matrix. A model used by the Political and Economic research unit to calculate and project the economic impact of ECIC activities

GTR Global Trade Review, an international publication for export trade finance

GLOSSARY OF TERMS

62

Export Credit Insurance Corporation of South Africa

SOC Limited (ECIC)

Documents

Export Credit Insurance Corporation of South Africa … to the Portfolio Committee on Trade and Industry ECIC Annual Report Export Credit Insurance Corporation of South Africa SOC