COMPANY
HISTORY
The Export Import Bank of Trinidad and Tobago Limited (EXIMBANK) remains the only official Export Credit Agency (ECA) in the country. It has emerged out of what was formerly the Trinidad and Tobago Export Credit Insurance Company Limited (EXCICO), which was established in 1973 by the Government to promote the export of goods and services. This allows regional buyers access to a wide range of manufactured goods on credit terms.
EXCICO was converted to EXIMBANK
following an Order by the
Minister of Finance on November
4th 1997, cited as "Financial
Institution (Amendment to the
Third Schedule) Order 1997."
This Amendment to the FIA allows
EXIMBANK to conduct "the
business of a Confirming House,
Acceptance House, Finance House
or Finance Company ... (and)
...Financial Services."
EXIMBANK uses EXCICO as a
nucleus having incorporated
EXCICO's Credit Insurance
Program but also offers a
variety of new and enhanced
export oriented financial
products. EXIMBANK's principal
facilities include Export Credit
Insurance against commercial and
political risks, Pre-shipment
Financing, Pre-shipment
Guarantees and Post-shipment
Financing. Through Eximbank,
Exporters are also able to
access marine cargo insurance
coverage at preferential rates.
EXIMBANK's operations are funded
principally by its own financial
resources accumulated from
profitable trading operations
over the years and by various
lines of credit provided by
major financial institutions.
Institutional support is also
provided by a Guarantee from the
Government of Trinidad and
Tobago under the Guarantee of
Loans (Companies) Act in respect
of the settlement of all claims
due and payable by EXIMBANK.
EXIMBANK remains a profitable,
well managed, state owned
financial institution working
with local and regional
financial institutions and
pursuing a business philosophy
of promoting selective and
controlled expansion of the
export sector. |
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