SNAPSHOT OF BECI’S COVID-19 PRODUCT PIVOT. IMPROVING CASHFLOW FOR LOCAL BUSINESSES GRAPPLING WITH THE IMPACT OF THE GLOBAL PANDEMIC
FOUNDED IN 1996, BECI (EXPORT CREDIT INSURANCE AND GUARANTEE COMPANY BOTSWANA) IS A PRIVATE COMPANY WHOLLY OWNED BY THE BOTSWANA DEVELOPMENT CORPORATION LIMITED (BDCL) AND IS THE ONLY CREDIT INSURER IN BOTSWANA. WITH ITS PRIMARY FUNCTION BEING TO DEVELOP AND EQUIP BUSINESS WITH TRADE CREDIT INSURANCE POLICIES TO PROTECT THEM FROM THE DANGER OF NON-PAYMENT BY CREDIT CUSTOMERS, THE COMPANY NOW OFFERS A SELECTION OF BUSINESS GROWTH TOOLS SUCH AS CONSTRUCTION BONDS AND GUARANTEES, INCLUDING THE COVID19 LOAN GUARANTEE SCHEME IN RESPONSE TO CHALLENGES ARISING FROM THE GLOBAL PANDEMIC.
Understanding the work of Export Credit Agencies Export Credit Agencies (ECAs) such as BECI are entities that offer export credit insurance, guarantees or financing agreements which enable a foreign buyer of exported goods and/or services to defer payment over a period. ECAs are ordinarily wholly or directly owned by central governments, with some exceptions where such holding would be through a local authority or a state-owned enterprise. Instances of privately owned ECAs are quite rare
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and limited to an agency set up where the private owner is contracted to act in the interest of a government. BECI is a member of Berne Union, and International Union of Credit and Investment Insurers. Export Credit Agencies have a primary focus of boosting exports and facilitating trade credit and in so doing, achieve a range of other objectives of national importance including the facilitation of expansion of businesses and employment creation, improve international competitiveness, increase exports, strengthen the balance of payments, and promote and promote economic diversification.
THE RESPONSIBLE CITIZEN | BUSINESS • COMMUNITY • IMPACT
