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Integrated Report 2024

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MEASURING THE SOCIO ECONOMIC IMPACT OF ECIC SUPPORT SCHEME Measurement based on the export credit drawdowns recorded in the ECIC’s insurance portfolio from 1 April 2023 – 31 March 2024, confirmed that the ECIC succeeded in facilitating three projects with total drawdowns amounting to R299.3 million. The estimated impact of the ECIC support scheme reflects the creation/sustainability of 661 job opportunities, of which a total of 585 job opportunities are estimated to be created/sustained during the construction phase, and an estimated 76 job opportunities are expected to be sustained on an annual basis during the operational phase. Across both phases, the largest beneficiary of employment creation/sustainability is estimated to accrue to the semi-skilled labour category in South Africa. The estimated employment impact on the South African economy is expected to be most pronounced in the construction phase. These impacts are estimated to be most reflective in the Manufacturing and Financial and Business Services sectors.

SOCIO-ECONOMIC DEVELOPMENT

The SED programme is intended to improve the quality of life of identified previously disadvantaged communities throughout the country, by implementing sustainable socio-economic interventions as guided by the SED Policy. The commitment is to support initiatives that are aligned with the skills gap in the export and insurance trade industry, including consumer financial education initiatives that will empower the beneficiaries, to become aware of the financial risks, opportunities and make informed choices. South African Actuaries Development Programme Four (4) female students were funded by ECIC for the final year (honours) during the 2023. All the students have performed well academically and have secured permanent employment. The Consumer Financial Education programme was offered to 85 (47 female, 38 male) micro enterprise owners. The programme identified several key learnings, including the importance of flexible learning options and the effectiveness of incentives in boosting participation. The Business Coaching Support Interventions phase was a critical component of the L+EARN BIZ 2023 Programme. It provided personalised guidance and support to young black microentrepreneurs in South Africa. This phase aimed to facilitate the practical application of knowledge and skills learnt during the interactive content training webinars, enhancing participants’ business operations and growth potential. False Bay College Six learners have completed NQF Level 3 of the Yacht & Boat Building qualification. The learners commenced with the NQF Level 4 theoretical studies on 18 March 2024 and upon completion, will do the Work-Integrated Learning (WIL) at merSETA accredited companies. Consumer Financial Education – #L+EARN BIZ programme

Table 18: Employment impact by sector [Number]

Impact on SA

Construc tion Phase

Operation al Phase

Country

Agriculture

- -

40

Mining

1

Manufacturing

742

556

Water and Electricity

-

4

Construction

- -

2

Trade & Accommodation Transport & Communication Financial & Business Services Community & Social Services

147

-

19

2 786

58

-

132

Total Employment Impact

3 528

959

YOUR EXPORT RISK PARTNER

94