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Export Credit Guarantee Corporation of India Limited (ECGC) has paid a dividend of Rs.15.23 crore for the year 2004-2005 and an interim dividend of Rs.10.00 crore for the current financial year to the Government of India. The Chairman and Managing Director, Shri P.K. Dash, handed over the dividend cheques to the Union Minister of Commerce & Industry, Shri Kamal Nath here today. The Minister congratulated the Corporation for its excellent performance during 2004-05 and urged it to provide more proactive support to the Indian export Industry and the banks so that the government’s ambitious target of achieving 1.5% of world exports by 2008-09 could be is realised.
ECGC provides insurance cover to more than 12000 exporters for commercial risks on foreign buyers as well as for political risks. It also provides guarantee cover to 4108 bank branches of 74 major banks for pre-shipment and post-shipment credit finance to exporters. During 2004-05, the Corporation earned a gross premium income of Rs.515.54 crore registering a robust growth of 15.64% over the previous year. The Corporation’s net profit before tax and profit after tax was Rs.125.19 crore and Rs.76.14 crore respectively. During the current year, up-to end of August 2005, the Corporation’s profit before tax and profit after tax are estimated to be Rs.85 crore and Rs.55 crore respectively.
During the year, the Corporation paid claim amount of Rs.352.28 crore. The total claim paid by the Corporation during the last five years is Rs.1938.21 crore.
During 2004-05, the Corporation introduced six new polices and opened four new branches. The Corporation also reduced premium rates for its customers to make Indian exports more competitive in the global market.
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