Commerce Minister Piyush Goyal has said the Central government will give support of 8,500 crore rupees to Export Credit Guarantee Corporation of India, ECGC, in the next five years.

Speaking to reporters in New Delhi today, Mr Goyal said interest rates will now be just close to 3.5 per cent. The Minister said banks have been advised to extend this new facility to all exporters.

Mr Goyal also said ECGC has introduced a scheme called Niryat Rin Vikash Yojana – NIRVIK to enhance loan availability to exporters.

The scheme will also help ease the lending process. He said ECGC provides credit guarantee to exporters up to 60 per cent of loss.

Under the new scheme NIRVIK, up to 90 per cent of the principal amount and interest will be covered through insurance. It will cover both pre and post-shipment credit.

The Minister said, those exporters who will avail insurance cover up to 10 crore rupees need not face inspection. Mr Goyal said, the steps announced today will help India achieve one-trillion dollar export target.