Sri Lanka Export Credit Insurance Corporation (SLECIC)
Last updated on 26 Feb 2024
Key facts
State-owned statutory body operating under the Ministry of Finance and Planning. It provides trade credit insurance and guarantee in support of Sri Lankan exports.
PUBLIC
1978
Credit rating (S&P)
SD
CCC+
Foreign currency
Local currency
Country trade data
2021 top export sectors
Textiles and clothing
46%
Vegetable products
18%
Plastic or rubber
9%
Food products
6%
Machinery/electrical
4%
2022 export destinations
Financing modalities
`
Up to 90%
Products
- Export credit insurance policies available for all exporters in all industries
- Policies may be endorsed to lenders as collateral for working capital
- Supplier credit products:
- Whole turnover, single-buyer, and multi-buyer
- Country-specific (multi-buyer)
- Political risk only in a single country
- Global cover available to offshore export companies domiciled in Sri Lanka
- Subsidiary risk covers foreign subsidiaries of Sri Lankan companies
- Covering ultimate buyers for indirect exporters domiciled in Sri Lanka
- Consignment of stocks
- Entrepôt trade insurance (port insurance)
- Comprehensive service policy for Sri Lankan service exporters
- Domestic insurance covers commercial risks for intra-Sri Lankan trade
- Short-term guarantee issued to lenders providing trade credit solutions against risk of non-performance of Sri Lankan exporters
- Products:
- Pre-shipment credit guarantee allows exporters to purchase raw materials against L/C or confirmed orders
- Export production credit guarantee applicable to indirect exporters
- Export performance guarantee for bid and performance bond support
- Export performance guarantee covering ATA carnet to facilitate temporary exportation of valuable items for trade fairs and exhibitions; covers non-payment of import duty to foreign countries as a 100% demand guarantee
- Export performance guarantee to freight forwarders covers non-payment of airlines charges up to 85%
- Whole turnover bank guarantee covering the cost of passage to facilitate Sri Lankan migrant workers obtaining pre-departure loans
- Buyer information: Speedy and accurate information to bankers and other financial institutes to evaluate overseas buyers in order to extend financial facilities to exporters
- APARA: A guarantee issued to commercial banks covering the flight expenses and other related expenses of Sri Lankans going abroad for work
Policies
- Options available to exporters for single- or multi-buyer policies
- Cover available for direct and indirect exporters