Sri Lanka Consolidated Acts

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Sri Lanka Export Credit Insurance Corporation Act (No. 15 of 1978) - Sect 5

Objects

5. The objects of the Corporation shall be-
(1) to issue insurance policies to exporters of goods and services against non-receipt or delayed receipt of payments resulting from commercial and noncommercial risks;
(2) to issue guarantees to banks and other financial institutions to facilitate the granting of pre-shipment and post-shipment finance;
(3) to issue guarantees to persons or institutions abroad in connection with goods exported by any person or institution from Sri Lanka or for the due performance of any services to be rendered to such persons or institutions within or outside Sri Lanka ;
(4) to provide financial assistance to exporters for the promotion and development of export of goods and services from Sri Lanka ;
(5) to provide guarantees to exporters against losses that may be sustained in undertaking market surveys, publicity and any other promotional measures in foreign countries ;
(6) to re-finance and provide refinancing facilities to banks and other financial institutions in respect of credit facilities granted by such banks and institutions for the promotion of exports ;
(7) to undertake market studies abroad for promotion of exports from Sri Lanka and to conduct seminars and courses on various aspects of export promotion and to collect and disseminate information relating to marketing possibilities and procedures ;
(8) to act as agent of the Government, or with the approval of the Government on its own account, to provide insurance and guarantees, undertake such responsibilities and discharge such functions as are considered by the Government as necessary in the national interest;
(9) to help exporters to diversify and expand exports, find new markets and sell their goods abroad on competitive terms of payment; and
(10) to discharge such other functions as the Corporation may consider as necessary for the achievement of any of its objects.


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