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Sri Lanka’s banks and Insurance companies should give vary credit insurance premiums to encourage exporters : Finance Minister
18 Mar, 2015 07:01:31
Mar 18, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake yesterday said that banks and insurance companies who has export credit insurance facility should be able to give verity of premiums allowing exporters to get insured.
“SLECIC ( Sri Lanka Export Credit Insurance Corporation) should lend an umbrella to the exporters not only when there is sunshine but also when it’s raining,” Ravi Karunanayake, Minister of Finance said.

“They should be able to give good premiums, low premiums so that the exports will come and get insured.”

“I will tell the banks that come under our perview and we will facilitate this.”

He was speaking at a stakeholders meeting on the capacity building of Sri Lanka’s export credit insurance industry organized by the Sri Lanka Export Credit Insurance Corporation (SLECIC) in Colombo.

Credit insurance is an insurance policy and a risk management product offered by private insurance companies and government export credit agencies to business entities wishing to protect their accounts receivable from loss due to credit risks such as protracted default, insolvency or bankruptcy.

Data shows that only five percent of exporters are covered by export credit insurance.

Karunanayake said this facility should expand to cover around 25 percent of the exports in the Island in the next two to three years.

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