[India], June 27 (ANI): The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved investment of Rs.2000 crore for strengthening of Export Credit Guarantee Corporation (ECGC).
The amount would be infused in three financial years, i.e. Rs. 50 crore in 2017-18, Rs. 1450 crore in the year 2018-19 and Rs. 500 crore for 2019-20, according to the official statement.
The infusion would enhance insurance coverage to Ministry of Micro, Small and Medium Enterprises (MSME) exports and strengthen India's exports to emerging and challenging markets like Africa, CIS and Latin American countries.
The increased capital infusion will help ECGC to diversify its product portfolio and provide cost-effective credit insurance helping exporters to gain a stronger foothold in the difficult international markets.
ECGC is a premier export credit agency of the Government of India to provide Export Credit Insurance Services to facilitate exports from the country.(ANI)