The Export Credit Guarantee Corporation of India Ltd (ECGC) has reduced premium by between 20 and 40 per cent on exports to developing countries and emerging markets, effective April 2003.
Mr P.M.A. Hakeem, chairman and managing director, ECGC, said the corporation would also introduce a set of new products exclusively to cover exports of services.
At a press conference, Mr Hakeem said exporters to Africa, Latin America and West Europe countries could now get ECGC cover at a lower premium. He said an important aspect of the new rate structure was that exports made under "open delivery" (delivery of goods to buyers before documents are received) would now be treated on a par with exports under "delivery against acceptance".
