Export Credit Guarantee Corp to go in for an IPO

The Union Cabinet approved capital infusion of Rs 4,400 crore in the state-owned Export Credit Guarantee Corporation (ECGC) and its listing through an initial public offering. The government will inject Rs 4,400 crore in the ECGC over a period of five years beginning 2021-22. ECGC was established to promote exports by providing credit insurance services to exporters against non- payment risks by the overseas buyers due to commercial and political reasons. It also provides insurance covers to banks against risks in export credit lending to the exporter borrowers.