ECIC IR 2023

Integrated Report 2023

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1

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E X P O R T C R E

L T D

O C

A S

C

R I

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Corruption regarding human rights, labour standards, the environment and anti-corruption. In its ethical conduct overview, the Committee ensured that the Corporation’s Fraud Prevention Policy, Whistle-Blowing Policy and Code of Ethics

and Business Conduct were reviewed regularly and communicated to all employees to combat corruption, manage identified fraudulent activities and ensure that the essential features of ethical conduct are governed and managed effectively.

WHERE WE OPERATE The total Sum insured by Country of the insurance portfolios is as follows:

2022 Country

2021 Country

2022

2021

R’000

rating

R000

rating

Ghana

7 994 941

5 7 414 960

4

Iran

-

-

5 080 130

5

Zimbabwe

4 448 708

7 3 568 063

7

Ethiopia

1 444 585

6

959 828

6

Mozambique

1 225 816

5 1 307 638

5

Angola

532 699

5

-

-

Malawi

425 623

5

337 046

5

Lesotho

288 192

5

974 977

5

DRC

252 677

5

247 028

6

Tanzania

68 813

5

82 675

5

Congo Brazzaville

59 465

6

48 304

6

Eswatini

52 119

5

121 611

5

Zambia

46 193

5

60 561

5

Cote d' Ivoire

45 582

5

37 027

5

Botswana

17 506

3

29 260

3

Uganda

-

-

373 069

6

South Africa*

117 000

4

117 000

4

Nigeria

11 881

6

-

-

Total

17 031 800

20 759 177

* South Africa country exposure results from ECIC providing insurance cover under the ECIC expanded mandate to cover short-term debt.

On 31 March 2023, the total sum insured was R17,03 billion ($956,7 million) compared to R20,8 billion ($1,44 billion) on 31 March 2022. The reduction in the total sum insured is largely influenced by the non-renewal of investment insurance in Iran, payment of a claim in Lesotho, insurance cover expiration, and drawdowns on existing projects.

The Corporation uses an internal country rating method to assess country risks. The country rating method is benchmarked with that of other Export Credit Agencies, and where there is inadequate information, consultations are made with the Department of International Relations and Cooperation (DIRCO) to ascertain the view on the political environment in countries where the Corporation carries or plans to take risk.

YOUR EXPORT RISK PARTNER

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