ECIC IR 2023

Integrated Report 2023

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A positive market perception of the ECIC brand is reflected in the results of the third Corporate Reputation Index Performance (CRIP) Survey conducted. The continued improvement trend in the six themes over the three surveys is indicative of the focused Engagement Plans of the Corporation as reflected in the Stakeholders section on page 62. The Corporation has implemented a multi-year AfCFTA media campaign and the success of this will be shown by way of the targeted Click Through-Rate in the Corporate Plan. Ghana Ghana is the highest country concentration within the insurance portfolio at R8 billion (47%), with the largest single sum insured being Cenpower at R5 billion (42%). These projects are in high priority sectors of the country such as energy, rail, and healthcare. The International Monetary Fund (IMF) has approved a $3 billion loan to the Government of Ghana, with the first tranche of $600 million already disbursed. The Corporation has applied to join the Paris Club/G20 Ghana Creditors Committee that is negotiating the framework and details of the Ghana sovereign debt restructuring. Continued engagement with the Ghana Ministry of Ghana is taking place to emphasise the position of the lenders. The External Environment Section on page 32 details the latest economic and political outlook for the Corporation. Appreciation On behalf of the Board, with profound sorrow and heavy hearts, we share the heartbreaking news of the passing of our beloved CEO, Mr. Mandisi Nkuhlu, who led the ECIC with distinction. On the 23rd of July 2023, Mr. Nkuhlu peacefully departed, leaving behind a remarkable legacy of leadership, vision, and inspiration. As an organisation, we are deeply saddened by this loss, and our thoughts and prayers go out to Mr. Nkuhlu's family, colleagues, and friends during this difficult time. We extend our deepest condolences and heartfelt sympathy to all those who had the privilege of knowing and working with him. Mr. Nkuhlu's tenure as CEO was marked by extraordinary dedication and a relentless pursuit of excellence. His visionary leadership transformed the ECIC into a driving force in the industry, leaving an indelible mark on all who were fortunate to be a part of his journey. We join together in solidarity,

united by the legacy of Mr. Mandisi Nkuhlu, as we navigate these difficult times and work together to uphold the values he cherished. We also welcome to the Board the new shareholder representative from National Treasury, Mr Errol Makhubela. He brings valuable input into the governance processes and insight from the Finance Ministry. My appreciation goes to the Board, executive management, and the staff for their hard work during this extremely difficult trading year. I believe that South African exporters, banks and development finance institutions are in capable and committed hands; and I thank them for their continued support of the Corporation. A heartfelt thanks is extended to the Minister of Trade, Industry and Competition for the continued guidance towards the valuable and meaningful contribution to driving the vision for the dtic . The signing of the expanded mandate in May 2021 allows ECIC to provide short-term insurance support as well as the implementation of a 5-year Short Term Insurance Strategy from the 2023/24 financial year. A future view The short-term insurance strategy and ESG matters were brought into sharp focus by the Corporation during the year. These items will be accelerated to ensure a successful implementation of the AfCFTA for South Africa. The Board recognises that ESG is a critical component of our value creation and that it requires careful attention in terms of how we weave it into our strategic planning. While the Corporation has already made substantial progress in this regard, our management team is focusing on how best to further integrate ESG into our corporate strategy to align with the AfCFTA. The Export Passport Programme to be initiated in 2023/24 provides the opportunity for the dtic to launch new export networks and enable approved exporters to undergo an incubation programme. This will provide them with a customised export passport scheme which will assist them in increasing their contribution in the export value chain.

Dheven Dharmalingam Chairman

27 July 2023

YOUR EXPORT RISK PARTNER

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