ECGC Full Form
The Full form of ECGC is Export Credit Guarantee Corporation of India Limited. ECGC is a company wholly owned by the Government of India. The company is based in Mumbai, Maharashtra. ECGC is controlled by the Ministry of Commerce and provides export credit insurance support to Indian exporters. In July 1957, the Government of India had initially set up Export Risks Insurance Corporation (ERIC) 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 and Government of India. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of India in 1983. ECGC provides a range of credit risk insurance cover to exporters against loss in case of export of goods and services and offers guarantees to banks and financial institutions to enable them to obtain better facilities from them. Export Credit Guarantee Corporation of India Limited also provides overseas investment insurance to Indian companies investing in joint ventures abroad in the form of equity or loan and advances.