India Establishes $452 Million Export Insurance Account
The Indian Government has established a 20 billion rupee ($452 million) National Export Insurance Account (NEIA), in a measure calculated to support the country's exports of projects and services.
A report from Asia Pulse quoted Commerce and Industry Minister Kamal Nath as stating: "This mechanism will enable Export Credit Guarantee Corporation to provide export credit risk cover to project exports and other large value export transactions which may not otherwise get cover. This will give a big boost to India's exports of projects and services."
The establishment of the NEIA fulfills demands from Indian companies for the establishment of a facility to provide credit risk insurance in the same manner as their competitors, especially in newer countries and vulnerable economies.
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