open view news desk
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Government of India has approved capital infusion of Rs. 2,000 Crore to be released during FY 2017-18 to FY2019-20. The details are as under:
|FY 2017-18||Rs. 50 Crores; Released.|
|FY 2018-19||Rs. 500 Crores; Released.|
|FY 2019-20||The proposal to release the rest amount of Rs. 1450 Crores has been submitted and same shall be decided by the Ministry of Finance as per the availability of the fund.|
The capital infusion is necessary to strengthen ECGC underwriting capabilities to support MSME exports and exports to challenging & emerging markets like Africa, CIS and Latin American countries.
During FY 2017-18, ECGC supported exports & export loans of Rs. 6.41 lakh crore. Around 20,000 distinct exporters are benefitted out of ECGC covers. Out of this, MSME share was more than 85%.
The enhanced capital will enable ECGC to diversify its portfolio like factoring facilities to MSME exporters and a more liberal underwriting approach to challenging & emerging markets like Africa, CIS and Latin American countries. Enhanced capital will also enable continuation of cost effective credit insurance to exporters.
This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in written replies in the Lok Sabha today.