Which country was the first to establish a national export credit agency?

The United Kingdom was the first country to establish a national export credit agency. Its Export Credits Guarantee Department (ECGD) was created in 1919 as a government-backed response to the disruption of World War I.

The agency was designed to help British exporters obtain insurance and guarantees against non-payment by overseas buyers. Its early mission included rebuilding export markets and supporting trade with countries whose political or commercial risks made private finance difficult.

The ECGD was initially administered within the British government’s overseas-trade machinery and was later placed on a statutory footing through the Overseas Trade (Credit and Insurance) Act 1920. It eventually became UK Export Finance, while retaining the same broad purpose: helping UK firms win overseas business through loans, guarantees and insurance.

A common mix-up is the United States Export-Import Bank, founded in 1934. It is prominent today, but it came well after Britain’s 1919 agency. Germany, France and other countries created comparable institutions later, especially in the years surrounding and following World War II.