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ECIC is the official export credit agency (ECA) of South African government. The corporation is wholly owned by the state and it operates under the auspices of the Department of Trade and Industry. The corporation was established in 2001 with a mandate of facilitating and encouraging South African export trade by underwriting bank loans and investments outside the country in order to enable South African contractors to win capital goods and services contracts in countries outside of South Africa. The corporation provides political and commercial risk insurance for medium to long-term export transactions and political risk insurance for investment in foreign countries.