Sri Lanka Export Credit Insurance Corp (SLECIC) is tinkering with its Act to allow it to raise public funds and offer refinance facilities.
Cabinet has already approved the changes and SLECIC is awaiting parliamentary approval to convert itself into a limited liability company.
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rnSLECIC Ltd, as the firm will be known, plans to raise around two to three billion rupees from state corporations to offer export refinancing facilities to local exporters and importers in neighbouring countries.rn
rnldblquote We want to be the EXIM Bank for Sri Lanka, offering export guarantees, policies and refinancing facilities to banks to lend for exporters in the long-term, dblquote Chairman Hemaka de Alwis told Lanka Business Online in an interview.rn
rnThe draft memorandum and articles of association is ready. In the meantime, the present Insurance Board of Sri Lanka Act (IBSL) will also have to be amended to include SLECIC under its purview, says de Alwis.
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rnThe government set up SLECIC in 1979 to act as t