ECGC signs MoU with NSIC

MUMBAI: Export Credit Guarantee Corporation of India Ltd (ECGC) has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) for marketing export credit insurance products through its service network.

The agreement was signed by Christy Fernandez and H P Kumar, the Chairman and Managing Directors of the two organisations respectively, a release said here today.

ECGC, a GoI-owned export credit insurance company, provides export credit insurance cover to more than 13,000 exporters for commercial risks on foreign buyers as well as for political risks. It also provides guarantee cover to 4,108 bank branches of 74 major banks for pre-shipment and post-shipment credit finance to exporters.

In FY 06, ECGC earned a total premium income of Rs 578.57 crore, paid claims amounting to Rs 390 crore and recovered an amount of Rs 126 crore out of the claims paid so far.

NSIC is engaged in promoting, aiding and fostering the growth of small industries and industry-related small-scale services/business enterprises in the country.