Effective from 28th February 2023, ECGC has downgraded its underwriting policy on Egypt, changing its country rating from B2 to C1. This change will also modify the type of cover from Open Cover to Restricted Cover Category – I (RCC-I), which includes revolving limits typically valid for one year.
The revision was carried out to assess and monitor the risks involved in ECGC’s export credit insurance policies. The move will enable the corporation to put appropriate risk mitigation measures in place, thus aiding Indian exporters in improving payment realization from buyers in Egypt.
ECGC will continue to monitor developments in Egypt and review the cover when deemed necessary. Customers can seek assistance by contacting their servicing branch of ECGC. This development will help Indian exporters to mitigate risks associated with doing business in Egypt and support India’s exports to the country.
