A private or semi-governmental body that extends
credit to local exporters. ECAs also provide
guarantees and
insurance for
exports, and occasionally for
imports as well. Sometimes governments use ECAs to subsidize exporters and related businesses, but this is generally frowned upon in international circles. ECAs are controversial; critics allege that their existence negatively impacts international development as developing countries cannot compete with such insured exports. Proponents of ECAs argue that they enable developing countries to import products they otherwise would not be able to afford.
A commission established by the
United Nations to foster
economic and other cooperation among African states. It promotes
trade, food security and other
development goals. It was founded in 1958.