Why Was ECGC Formed

Hello sir, I am Akash Sharma. I am from Mumbai. I want you to help me by giving me some information regarding the reasons for the formation of Export Credit Guarantee Corporation (ECGC). Why was ECGC formed?

[Shaleen]

As you have asked about the reasons for the formation of Export Credit Guarantee Corporation (ECGC), I am giving you some information about it

ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is

a type of public company.

It was formed in the year 1957.

It's headquarter is located in Mumbai, Maharashtra, India.

It was formed to strengthen the export promotion by covering the risk of
exporting on credit.

It functions under the administrative control of the Ministry of Commerce &
Industry, Department of Commerce, Government of India.

It is managed by a Board of Directors comprising representatives of the
Government, Reserve Bank of India, banking, insurance and exporting
community.

Functions:

Provides a range of credit risk insurance covers to exporters against loss in export of goods and services as well
Offers guarantees to banks and financial institutions to enable exporters to obtain better facilities from them.
Provides Overseas Investment Insurance to Indian companies investing in joint ventures abroad in the form of equity or loan and advances

Methods of Help to Exporters:

Offers insurance protection to exporters against payment risks
Provides guidance in export-related activities
Makes available information on different countries with its own credit ratings
Makes it easy to obtain export finance from banks/financial institutions
Assists exporters in recovering bad debt
Provides information on credit-worthiness of overseas buyers

Contact:
ECGC
Head Office
Express Towers,10th Floor,
Nariman Point,
Mumbai - 400 021.
Tel: (022)6659 0500-0510
Fax: (022)6659 0517/0546