Mangudya says ECGC to expand reach, impact under Mutapa

MUTAPA Investment Fund chief executive officer John Mangudya says the Export Credit Guarantee Corporation of Zimbabwe (ECGC) is poised to expand its reach and impact under the sovereign wealth fund.

The ECGC offers export and domestic insurance packages to provide protection against commercial and political risks inherent in global and domestic trade.

Speaking during the ECGC’s 25th anniversary celebrations last Friday, in Harare, Mangudya applauded the corporation’s achievement and its commitment in supporting economic development.

“As part of the Mutapa Investment Fund, ECGC now stands to benefit from the strategic oversight of Zimbabwe’s sovereign wealth fund,” he said.

“The Mutapa Investment Fund, with its diverse portfolio and robust governance framework, provides the necessary support for ECGC to expand its reach and impact.

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“This underscores the government’s commitment to leveraging strategic investments for national development, and I urge ECGC to take advantage of this opportunity.”

Mangudya urged ECGC to continuously innovate its product portfolio to meet the ever-changing market requirements by introducing products that were relevant to the “peculiar” Zimbabwean market.

“Formed under the central bank and now under the Mutapa Investment Fund, ECGC has consistently demonstrated its commitment to providing innovative products that mitigate risks and foster economic growth,” Mangudya said.

Insurance and Pensions Commission commissioner Grace Muradzikwa noted that the ECGC not only facilitated export credit insurance, but also built confidence among exporters on the global stage.

“This remarkable milestone is not only a testament to ECGC’s resilience but also its dedication to supporting the growth and strength of Zimbabwe’s economy. Since its inception, ECGC has played a pivotal role in Zimbabwe’s economic landscape,” she said.

“Through its unique product offerings, particularly in export credit insurance, ECGC has provided invaluable support to our exporters, allowing them to trade confidently on the global stage. Zimbabwean businesses today can manage the risks associated with international trade, knowing that ECGC stands as a strong pillar of support.”

Muradzikwa said the ECGC’s work had been central to supporting local businesses, whether large corporations or micro-small-to-medium-sized enterprises, who were generally vulnerable to risks.

Such risks, she added, included the non-payment of their goods, currency exchange fluctuations, or disruptions in shipping.

“To this end, ECGC has empowered businesses to grow, not only locally but also on their international forays,” Muradzikwa said.

“With ECGC’s guarantee, our entrepreneurs have been able to unlock opportunities, expand their operations, and drive inclusive economic growth across sectors like agriculture, manufacturing, tourism, and retail.”

ECGC opened its doors in 1999, with the primary objective of promoting and facilitating international trade by providing export credit insurance and related financial products.

“Now, 25 years later, we have expanded to offer more services, such as financial inclusion and support for underserved communities,” said Sekai Chirume, ECGC’s managing director.

“Though we have faced challenges, we have stayed committed to our values and made a real difference in the financial sector.

“Our journey has been marked by significant achievements, such as, major partnerships, business support and participation in extensive national projects. Each of these milestones represent a step forward in our commitment to safeguarding businesses and driving growth.”-newsda