The ECA said the money would support ongoing training in areas that do not currently qualify for Government funding, including adult training.
Group chief executive officer David Pollock said the initiative also aimed to stimulate investment for additional training, particularly in areas where there was already a gap.
He added: "We believe that adult training and up-skilling the talent that already exists within the industry is key to plugging the skills gap.
"Our fund expressly intends to incentivise member companies that are committed to training and those struggling to get training programmes off the ground.”
He urged other organisations to look at similar options. The fund will become available to ECA members from tomorrow.