The first export credit agency, the Export Credits Guarantee Department (ECGD) of the United Kingdom, was established in 1919. Its original purpose was to encourage and support exports (initially to Russia) that would not otherwise have taken place. Similar motivations led to the establishment of the Export-Import Bank of the United States (the U.S. Eximbank) in 1933. There was little further activity on the export credit front in the 1920s and 1930s, but many such agencies were founded after World War II. As it appears in hindsight, the chain of reasoning for governments becoming involved in this area probably went along the following lines: