ECIC IR 2023

Integrated Report 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Message from the CHAIRMAN

Assessment (ORSA) Report that indicates strong capital cover ratios over the medium-term as disclosed in the Management of Financial Capital Section on page 110. The two ECIC research reports finalised during the year indicate the impact this has had on new businesses, especially; the barriers experienced by SMEs; and their awareness of the AfCFTA. Through its expanded mandate, ECIC is focused on accelerating the development of its SME portfolio, diversifying risks to be more resilient and making headway in furthering the implementation of the AfCFTA. We are excited that this new product offering will play a key role in supporting our SME market to exponentially increase its exports and critically help create new employment opportunities. Building economic inclusion through transformation is high on ECIC’s strategic agenda. The SED Programme is intended to improve the quality of life of previously disadvantaged communities throughout the country, by implementing sustainable socio-economic interventions. 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 and opportunities and make informed choices. The Corporation conducted its first Cultural Assessment Survey, and this reflects accountability; work-life balance; innovation; employee recognition; and teamwork as the most desired cultural values of the ECIC staff. The Culture Entropy score of 26% and the staff retention rate of 94% reflect positively on the employee engagement but indicates the need to continually focus on this aspect.

Mr Dheven Dharmalingam

The 2023 Integrated Report comes amid economic decline in both local and global markets that are struggling with the fallout from the Ukraine-Russia conflict, whilst the post-covid recovery has been slow, underpinned with China only recently opening its borders. The direct impact on our markets has been limited foreign direct investment, disrupted supply chains, high inflation followed by Central Bank monetary policy tightening. Our financial results have been impacted by both a lack of new infrastructure projects and certain current projects going into distress due to the difficult economic environment. The ECIC has followed a disciplined Capital Management Strategy and is geared to trade through this difficult period as evidenced by the Corporation’s Own Risk and Solvency

YOUR EXPORT RISK PARTNER

14