Engineering goods exporters, who generally require credit for a period beyond six months, had expressed their concern at the lack of export credit for the period as commercial banks extend credit upto six months while the Exim finance exports in the over one year category.

"In view of the apparent vaccum Exim was asked to examine the feasibility of extending credit for the said period by the ministry and we readily agreed to fill the gap", Exim managing director Y B Desai said. Exports will be offered finance for the said period at a rate of 12 per cent for rupee credit and at LIBOR plus half to one per cent for dollar credit, he said.