Civil war, unrest
that houses Asian business people said he did not know about the insurance offered by the ECIC.
“It sounds comprehensive, especially because it covers anything to do with war, but when I inquire about it, I would will specify that I want one that also covers the business against national disasters. It is true that Eswatini is currently facing a political storm, but what if it subsides and never comes up again. Storms strike businesses almost every year, so that is the insurance I would prefer,” he said.
Meanwhile, His Majesty King Mswati III announced the of a Reconstruction Fund, which he stated was at E500 million for a start.
SHOPS
He said government would work out the modalities on how the money would be allocated for the specific purposes after the shops were gutted down.
This is after revelation that the total estimate of damage to businesses was E3 billion.
There was an estimated loss of 5 000 jobs as massive employers such as OK Foods ( two shops), Boxer Nhlangano, V- Best Wholesalers were all shut down. Over 600 people were arrested for the vandalising and looting, while the amount of goods recovered has not been quantified.
Two trucks transporting sugar were burnt down, but not before the sugar meant for export was looted. Government has asked those who stole the packets of sugar to return them.
Meanwhile, the ECIC Flagships in the Agency’s portfolio includes: CENPOWER Gas Plant, which is an independent power production in Ghana, insured for about US$ 400 million; NAKAR logistics Corridor in Mozambique, insured for about US$ 400 million; Infralink toll road in Zimbabwe for US$ 160 and other smaller projects are in rehabilitation, mining, storage etc.
The ECIC has grown from just a capital of R1.6 billin to a balance sheet of R26 billion. It is now the core agency in promoting SA’s export trade and is the key insurer on behalf of government for capital goods and services.