Board chairperson Paul Ramokgalo says the Botswana Export Credit and Insurance Corporation (BECI) has evolved over three decades to support businesses and facilitate trade amid changing economic conditions.
Speaking at BECI’s 30th anniversary media engagement, Ramokgalo said the institution was established in 1996 after a 1994 feasibility study identified the need for export credit guarantees to protect businesses against foreign buyer non-payment and export finance guarantees to reduce risks for lenders.
He said BECI has since expanded beyond export credit insurance into domestic credit insurance, performance guarantees, bonds, liability insurance and other risk-management solutions. These instruments, he said, help businesses meet financial requirements when competing for tenders while improving access to working capital.
Ramokgalo said BECI also enables exporters to offer buyers payment terms while giving banks confidence to finance transactions, helping reduce barriers to cross-border trade.
As BECI enters its fourth decade, Ramokgalo said the organisation wants to increase public awareness of its services and reach more businesses. He also revealed that BECI is preparing to introduce an alternative risk-transfer product, which he described as a first for Botswana’s insurance market
