Correct Option: D

An External Commercial Borrowing (ECB) is an instrument used in India to facilities the access to foreign money by Indian corporations and PSUs (public sector undertakings). ECBs include commercial bank loans, buyers' credit, suppliers' credit, securitised instruments such as floating rate notes and fixed rate bonds etc., Export Credit Agencies, ADB and IFC are the recognised lender of the External Commercial Borrowings in the international capital market.