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Our Bureau

Mangalore, July 7

The Export Credit Guarantee Corporation (ECGC) of India Ltd is planning to begin its overseas operations in some of the major centres such as the UK, Gulf and Africa.

Addressing the exporters and bankers at the Golden Jubilee celebrations of ECGC here on Friday evening, Mr A.V. Muralidharan, Chairman and Managing Director, said that ECGC will shortly have its overseas operations. Elaborating on it, he said: “The corporation is likely to have operations from London, another from Gulf probably in Dubai, and for African market somewhere from Nairobi in Kenya or Lagos in Nigeria.”

The corporation, which has good ratings from the Indian rating agencies, will also go in for international ratings.

He hoped that by the year-end ECGC will be able to have most of the major banks as its partners. The number of branches being serviced by the bank will be increased from 4,700 to 7,500. “With this, I will be able to reach all the nook and corner of the country.” Mr Muralidharan said most of the banks have given their willingness to be ECGC’s associate partners.

ECGC — which currently provides export risks insurance –— also wants to provide such a facility for domestic risks. The Government is giving a serious thought into the issue raised by ECGC in this regard.

To provide a relief to exporters following the appreciation of rupee against the US dollar, Mr Muralidharan said, the ECGC has volunteered to reduce insurance premium.

The premium is already worked out. But ECGC has to get the regulator’s approval (IRDA) before announcing it.

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