The Hindu Business Line : ECGC nets Rs 516 cr premium income

THE Export Credit Guarantee Corporation (ECGC) has netted a provisional premium income of Rs 515.88 crore for the financial year 2004-05. The corporation has settled claims worth Rs 350 crore in this period.

Disclosing this at an exporters' meet organised by the Tirupur Exporters Association (TEA) at Tirupur, the Chairman and Managing Director of ECGC, Mr P. K. Dash, said that his corporation, which managed to lower the premium rates by 25-40 per cent in the last three years, intended to further bring down the cost of the ECGC cover for shippers through `progressively' lowering the premium rates.

The TEA President, Mr A. Sakthivel, pointed out that the shippers were considerably exposed to credit risk arising out of even LC-based shipments and wanted the corporation to introduce risk cover for these shipments as well. In response to this, Mr Dash expressed his eagerness to look into this aspect and assured that his organisation would `quickly work on this demand.'

The ECGC Chairman said that the corporation, as part of expanding its service network, planned to open three more new branches in Delhi, Bandra-Mumbai and Bangalore and an exclusive branch in New Delhi. It also proposed to set up new branches in Mirzapur, Guntur, Mangalore, Jalandhar, Surat and Gurgaon this financial year.

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