ECIC IR 2023

Integrated Report 2023

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Overview by the LATE Chief Executive Officer

The elevated levels of loadshedding have pushed the domestic economy to the brink of economic recession. The inadequate capacity of our ports and rail infrastructure is negatively impacting the levels of export trade and underscore the importance and urgency of collaboration between public and private entities in addressing the economic challenges of the day and in building a solid platform for economic recovery. In collaboration with other Development Financial Institutions within the dtic family, ECIC is well positioned to play a counter-cyclical role to boost intra-Africa trade. It is quite pleasing that we ended the past financial year on an upward trajectory. In the fourth quarter alone, we approved transactions of more than $500m. I am confident that we will take this positive momentum into the new financial year. Over the past 22 years we have progressively built our balance sheet in anticipation of the underwriting storms that may lie ahead. As it happens, the Corporation is facing headwinds in Ghana, and we count on our capital adequacy measures to weather these storms. Our ability and capacity to negotiate and manage workout situations will place us in good stead, as we set out to navigate the debt restructurings, claims and salvages linked to our Ghana exposures. The Corporation is also undergoing significant leadership changes with the recent departure of our former CEO. On a positive note, this presents us with the opportunity to refresh and reset as we set out on an organisational redesign exercise to build a fit for purpose organisation that is future ready. The need to increase the level of integration between the work of the dtic entities and the dtic

Mandisi Nkuhlu

The heightened geopolitical tension between the major economies is slowing down the growth of international trade. The lingering impacts of COVID-19 and the ongoing war in Ukraine have resulted in global supply chain disruptions that reinforce the importance of regional supply value chains. The expanded mandate driven by the African Continental Free Trade Area highlights the need for export credit offerings coming out of South Africa to be more comprehensive to close market gaps. The role of ECIC is to fill these market gaps and boost intra-African trade.

YOUR EXPORT RISK PARTNER

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