Colombo Chamber appeals to Bandula to support exporters

Wednesday, 21 October 2020 00:00 - - {{hitsCtrl.values.hits}}

The Colombo Chamber of Commerce in a statement said, it is appealing to Trade Minister Dr. Bandula Gunawardena and relevant authorities seeking intervention to request local banks to purchase export documents based on D/P terms without collateral from the exporter, provided the importer/consignee is not blacklisted or defaulted.

It said local banks can seek a confidential bankers report on the said importer/consignee to safeguard their interests.

“It is humbly suggested that local banks should not insist on collateral from exporters if they get a satisfactory report from the bankers of importers/consignees,” the Chamber said.

“Government of Sri Lanka should underwrite export proceeds to local banks in case of default, after banker takes due diligence/precaution of getting a Confidential Bankers Report on the importer/consignee,” it added.

“This will accelerate and enhance Sri Lanka Exports and particularly support MSME and SME to focus on exports which is our future survival. There should be a cap on single export value; does not exceed $ 20,000 per invoice,” the Colombo Chamber added in its statement.