The Hindu Business Line : Govt nod for export insurance account

THE Government has given its in-principle approval to the setting up a national export insurance account, according to Mr P.K.Dash, Chairman-cum-Managing Director, Export Credit and Guarantee Corporation (ECGC).

Mr Dash told newspersons at the conference here today, that as per the funding arrangement, Rs 600 crore has been allocated during the current plan period, while the amount will go up by another Rs 1,400 crore in the next plan period.

Of all the exports financed under this scheme, 80 per cent of the risk is to be borne by the Government, while ECGC will bear the remaining 20 per cent, he said.

Meanwhile, Exim Bank has completed disbursements to the tune of Rs 4,400 crore in the first six months of the current fiscal.

By the end of the fiscal the bank proposes to grow by 25 per cent over the previous financial year, according to officials.

In the last fiscal, the bank's total disbursements amounted to Rs 7,000 crore.

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