SLECIC Extends Support to Logistic Industry

June 12, Colombo (LNW): To be in line with the Government’s Objective to make Sri Lanka the Logistic hub of South Asia , Sri Lanka Export Credit Insurance Corporation Launched a product Exclusively targeting the Logistic industry. When Protecting the Exporters we cannot omit the logistic partners who plays an integral pivotal role in supporting our Exporters. Considering this effort SLECIC had introduced an Export Performance Guarantee to be issued for potential Non –Vessel Operating Common Carriers (NVOCC), Feeder Operators , Air & Shipping Line Agents and Freight Forwarders in Colombo last May.

With the help of this guarantee the Industry need not to provide Collaterals to the banks for obtaining Guarantees to be given to terminal operators etc. SLECIC requires only 10% of the Total Guarantee as a refundable deposit and a guarantee fee only. With that a Logistic Company could withdraw 100% of their cash deposits kept in banks as collateral and they could in return invest this funds in other revenue streams. There by our Economy will get a Cash inflow and as a result of this investments the Economy would grow. This would allow new SMEs to enter to this logistic field and existing SMEs already in this field should benefit out of this