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| Sunday, 7 March 2004 |
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SLECIC enhances monthly turnover by Hiran H.Senewiratne Sri Lanka Export Credit Insurance Corporation (SLECIC) has recorded a monthly turnover of Rs 15 million after restructuring the organisation whereas earlier it was Rs 2 million. As part of its restructuring plan, it had extended its services to many riskier countries in the world and also reduced the export insurance premium, said its Chairman Hemaka de Alwis. "Since we are a guardian to exporters irrespective of size of the entity , our safety net has been able to minimise risk factors to a greater extent. SLECIC is now a more flexible organisation being a government body," he said . "This has resulted in increasing local exports, as many of the exporters have been able to penetrate into non-traditional markets," de Alwis said. The corporation had also improved its customer base remarkably, and its tailormade export insurance policies had caught up the market in a big way, he said. SLECIC had reduced the premium for export coverage and extended into riskier markets in the world, thereby facilitating local exporters tremendously. As a result, many of the local exporters had ventured into non= traditional markets, he added Currently, SLECIC had extended its services to all Commonwealth of Independent States (CIS), Russia, African countries and those who had negotiated with Sri Lanka for free trade agreements, he said. SLECIC's liabilities had gone up dramatically and during the last month alone it had approved Rs 8 billion worth of insurance coverage, he added. Exporters could now without any fear venture into non traditional export markets, especially in CIS countries and Africa.It had introduced new products during the recent past to facilitate local exports in the country,he said. Some of the SLECIC 's popular products were Export Performance Guarantee Scheme and Export Credit Guarantee facilities for the gem and jewellery sector and export finance. SLECIC attracted seven of the largest Sri Lankan exporters to take umbrella cover under its export payment insurance policy scheme during 2003.The total cover was provided to the tune of Rs 1 billion This entity possessed ample stability and financial strength, in addition to its substantial financial reserves. It also enjoyed a guarantee of its liabilities to the tune of Rs 1 billion from the government. SLECIC is the official export credit agency of the government of Sri Lanka, which was established by an Act of Parliament under the purview of the Ministry of Commerce and Consumer Affairs. It is a member of the International Union of Credit and Investment Insurers, known as the Berne Union. |
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