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What (who) is Export Credit Guarantee Department - definition
UNITED KINGDOM GOVERNMENT MINISTERIAL DEPARTMENT
ECGD; Export Credit Guarantee Loan; Export and Investment Guarantees Act 1991; Export Credits Guarantee Department; Export Credit Guarantee Department; UKEF
Export Credit Guarantee Department
The ECGD of the Department of Industry and Trade is the primary source of official British export credit. The ECGD helps exporters by providing: (a) insurance against the risk of not being paid for exports and (b) guarantees to banks for exporters of capital goods, under which finance can be obtained for export business, often at a favorable rate of interest. Subject to Parliamentary approval, ECDG's short-term underwriting division, the Insurance Service Group, is to be privatized. The medium and long-term underwriting group is introducing a new system for assessing premiums which will more realistically reflect the risk involved. The Department was originally established in 1919; headquarters are in London, England.
ECGD
Export credit agency
INTERMEDIARY BETWEEN GOVERNMENTS AND EXPORTERS
Export Credit Guarantee; Export Credit Agency; Export Import Bank; Export credit; Export Credit Agencies; Export credit agencies
An export credit agency (known in trade finance as an ECA) or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export insurance solutions, guarantees for financing. The financing can take the form of credits (financial support) or credit insurance and guarantees (pure cover) or both, depending on the mandate the ECA has been given by its government.
Wikipedia
UK Export Finance
UK Export Finance (UKEF) is the operating name of the Export Credits Guarantee Department (ECGD), the United Kingdom's export credit agency and a ministerial department of His Majesty's Government. It has been awarded the best global export credit agency for 2019. In 1920, UKEF had a maximum total exposure of just £26 million. Today, its maximum commitment stands at £50bn. Recently, the ECGD celebrated its 100th anniversary as the longest running export credit agency in the world.
Examples of use of Export Credit Guarantee Department
1. Britain‘s Export Credit Guarantee Department is also being urged to review its support for the scheme.
2. The Romanian regime borrowed from Deutsche Bank to fund the BAE deal, with British government backing from the Export Credit Guarantee Department.
3. Britain‘s Export Credit Guarantee Department has not decided whether the project meets its environmental criteria, ECGD communications director Steve Robert–Mee said.
4. Export Import Bank and Britain‘s Export Credit Guarantee Department, or ECGD, have "significant uncertainties on the timeline for their final decision–making," Ivan Chernyakhovsky, a spokesman for operator Sakhalin Energy, said Monday by telephone.
5. This would "reduce the risks of the Export Credit Guarantee Department supporting contracts involving bribery or corruption". Article continues The move was welcomed yesterday as a significant step by anti–corruption campaigners Corner House.