ECIC IR 2023

Integrated Report 2023

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While the Corporation experienced an underwriting loss of R1,4 billion, the total financial assets have increased by 12% and now exceed the R10 billion threshold. The underwriting loss is driven largely by the provisions that have been raised for the Ghana projects following the default on debt by the government of Ghana. Despite these huge provisions, the Corporation has recorded a total comprehensive loss of R40 million. The Financial Overview section on page 90 details these results, and the associated management of financial capital and the insurance portfolio. Acknowledgements This Integrated Report represents collective inputs and a wide array of contributions from the Board, management and the staff. Once again, we are indebted to many stakeholders who have helped us achieve these results, either through their direct engagement, or through investments. I thank our shareholder, the dtic for their support in creating an enabling environment conducive to our business growth and development. I thank the Board and executive management for their wise counsel and insightful contributions in steering the Corporation towards governance excellence and driving performance.

I would like to express my sincere gratitude to all our employees for their unwavering dedication and commitment, particularly during these difficult economic times. Way forward The Outlook Section on page 114 gives insight into the targeted outcomes of the ECIC 2023/24 Corporate Plan. We are determined to build a strong foundation that will serve as a springboard for increased levels of intra-Africa trade, transform the export value chain by supporting new and established role players to diversify and grow our export basket and push back the frontiers of unemployment and inequality.

Mandisi Nkuhlu Chief Executive Officer

27 July 2023

YOUR EXPORT RISK PARTNER

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