The Export Credits Guarantee Department (ECGD), branded as UK Export Finance (UKEF), is the export credit agency and a ministerial department of the Government of the United Kingdom.
In 1920, the ECGD had a maximum total exposure of just £26 million. Today, its maximum commitment stands at £80 billion.[1]
History
The department was established in 1919 to promote UK exports, lost during the submarine blockade of World War I.
Activities
Powers
UKEF derives its powers from the (c. 67) and undertakes its activities in accordance with specific consent from HM Treasury. The UK Government states that:"In recent years we have supported business in the aerospace, automotive, construction, healthcare, industrial processing, oil and gas, petrochemical, water treatment, and satellite sectors."
UKEF's aim is to benefit the UK economy by helping exporters of UK goods and services to win business, and UK firms to invest overseas by providing guarantees, insurance and reinsurance against loss, taking into account