Credit Guarantee and Investment Facility (CGIF) was established by the ten members of the Association of Southeast Asian Nations (ASEAN) together with the People's Republic of China, Japan, Republic of Korea (ASEAN+3) and Asian Development Bank (ADB).

CGIF is a key component of the Asian Bond Markets Initiative (ABMI) of the ASEAN+3 cooperation. It has been established to promote economic development, stability and resilience of financial markets in the region. The main function of CGIF is to provide credit guarantees for local currency denominated bonds issued by investment grade companies in ASEAN+3 countries.

Catalyzing More Stable and Efficient Mobilization of Asian Savings in the Region


The CGIF was established in November 2010 to promote financial stability and to boost long-term investment in the ASEAN+3 region (the "Region")a. CGIF will provide guarantees on local currency denominated bonds issued by corporations in the Region. Such guarantees will make it easier for corporations to issue local currency bonds with longer maturities. This will help reduce the currency and maturity mismatches that caused the 1997-1998 Asian financial crisis and make the Region's financial system more resilient to volatile global capital flows and external shocks.

The aim of CGIF is to help companies that otherwise would have difficulty tapping local bond markets to secure longer-term financing, reduce their dependency on short-term foreign currency borrowing to mitigate currency and maturity mismatches. Increased issuances of local currency bonds will promote financial stability in the Region and aid the development of ASEAN's bond markets.

CGIF will provide guarantees for local currency denominated bonds issued by investment grade corporations in the Region. CGIF had received an initial capital contributions of USD700 million from ASEAN, the People's Republic of China, Japan, the Republic of Korea and ADB. As of 19 June 2019, CGIF's capitalization stands at USD1.0038 billion following the Capital Increase Plan.

Please click the link to download CGIF's Articles of Agreement:

CGIF's Articles of Agreement

a The ASEAN member countries are: (i) Brunei Darussalam, (ii) Cambodia, (iii) Indonesia, (iv) Lao People's Democratic Republic, (v) Malaysia, (vi) Republic of the Union of Myanmar, (vii) Philippines, (viii) Singapore, (ix) Thailand and (x) Viet Nam. "ASEAN+3" refers to the ASEAN countries and (i) People's Republic of China, (ii) Japan, and (iii) Republic of Korea.


The Meeting of Contributors is the highest decision-making organ of CGIF. Specific powers of the Meeting of Contributors are stated in the Articles of Agreement of CGIF. The Meeting of Contributors formally meets within five months after the end of each Fiscal Year.

CGIF Contributors Contribution (USD)
People's Republic of China 342,800,000
Japan (Japan Bank for International Cooperation) 342,800,000
Republic of Korea 100,000,000
Brunei Darussalam 5,600,000
Cambodia 200,000
Indonesia 12,600,000
Lao People's Democratic Republic 200,000
Malaysia 12,600,000
Republic of the Union of Myanmar 100,000
Philippines 21,600,000
Singapore 21,600,000
Thailand 12,600,000
Vietnam 1,100,000
Asian Development Bank 180,000,000
TOTAL 1,053,800,000

The Board of Directors is comprised of 8 Contributor-appointed members, including the Chief Executive Officer. Each of the People's Republic of China and Japan are entitled to nominate two Directors. The Republic of Korea is entitled to nominate one Director. One nomination each is entitled for the Asian Development Bank, and the ASEAN countries representing Brunei Darussalam, Cambodia, Indonesia, Lao People's Democratic Republic, Malaysia, Republic of the Union of Myanmar, Philippines, Singapore, Thailand and Viet Nam.

The Board of Director is accountable and reports to the Contributors on the operations and performance of management and of CGIF. At a minimum, the Board of Directors meets on a quarterly basis.

Board of Directors Members Represented
Mr. Yuchuan FENG (Chairman) PR China
Mr. Zhengwei ZHANG PR China
Mr. Kenichi ASO Japan
Mr. Mitsutoshi KAJIKAWA Japan
Ms. Jessica Ja Young GU Korea
Mdm. Azah Hanim AHMAD ASEAN - Brunei Darussalam, Cambodia, Indonesia, Lao People's Democratic Republic, Malaysia, Republic of the Union of Myanmar, Philippines, Singapore, Thailand and Viet Nam
Mr. Stefan HRUSCHKA Asian Development Bank
Ms. Guiying SUN Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank

The executive decision-making powers of CGIF, and the day-to-day management of CGIF, are mandated and vested to the Chief Executive Officer (CEO). The CEO is recommended by the Board of Directors and approved by the Meeting of Contributors. She is the legal representative of CGIF. The CEO heads the management team currently comprising the Chief Risk Officer, Chief Credit-risk Officer, Head, Guarantee Operations, Chief Finance Officer, General Counsel & Board Secretary, Head of Budget, Planning, Personnel and Management Systems, and Head, Internal Audit.

Chief Executive Officer
Chief Risk Officer
Chief Credit-risk Officer
General Counsel & Board Secretary
Head of Budget, Planning, Personnel and Management Systems
Head, Internal Audit
Chief Financial Officer
(Acting) Head, Guarantee Operations


CGIF's bond guarantee operation is aimed at supporting ASEAN+3 companies access the Region's bond markets to achieve the following benefits:
  • expand and diversify their sources of debt capital
  • raise funds in matching currencies and tenors
  • transcend country sovereign ceilings for cross-border transactions
  • gain familiarity in new bond markets
The guarantees issued by CGIF are irrevocable and unconditional commitments to pay bondholders upon non-payment by the issuers throughout the tenor of the bonds. This commitment is backed by CGIF's equity capital which has been fully paid-in by all of its contributors. CGIF's general bond guarantee structure is illustrated here.
CGIF's guarantees are available to corporations that meet the following eligibility criteria:
  • The corporate entity and its principal shareholders are from an ASEAN+3 country
  • The corporate entity must be of an acceptable credit profile based on CGIF's internal credit assessment
  • The corporate entity's project or business (for general funding purposes) satisfies CGIF's environmental and social safeguards standards
  • The corporate entity's business is not on the following list of prohibited activities
Please click the link to download the List of Prohibited Activities: List of Prohibited Activities. In addition, bond issuances that can be considered for CGIF guarantees are limited to the following parameters:
  • Up to USD140 million equivalent for a single issuance
  • Bond tenor of up to 10 years
  • For foreign currency denominated issuance, the currency of issuance should be adequately hedged with the corporate entity's export receipts, inward foreign currency remittances, or via financial hedge arrangements

Eligible corporations based on the eligibility criteria are encouraged to submit base level information for a preliminary assessment either directly or via the respective bond arrangers. The information requirements for this preliminary assessment are summarized in the Preliminary Information Pack (PIP) form below.

Preliminary Information Pack for General Corporates

Preliminary Information Pack for Project Finance

The completed PIP form can be emailed to CGIF's operations team at with the contact details of the submitting party. Additional clarification or information may be required as part of the initial clearance process.


CGIF's strong claims paying ability has been recognized by international and domestic credit rating agencies.

Credit Rating Agency Scale Rating Outlook Date Issued
Standard & Poor's Global (Long Term & Short Term) AA / A-1+ Stable 22 June 2018
RAM Ratings Global / ASEAN / National gAAA / seaAAA / AAA Stable 16 January 2019
MARC National AAA Stable 14 January 2019
TRIS Ratings National AAA Stable 10 October 2018
Fitch Ratings Indonesia National AAA Stable 15 November 2018
Rating Reports: | S&P Ratings | RAM Ratings | MARC | TRIS | Fitch Ratings Indonesia

View Previous Ratings

For the complete Guarantee Portfolio table click here

Country borders or names do not necessarily reflect the CGIF's official position. This map is for illustrative purposes only and does not imply the expression of any opinion on the part of CGIF, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries.
Country of Origin



Environmental and Social Safeguards Policy
  1. Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB) was established to promote economic development and resilience of the financial markets in ASEAN+3 countries through a sustained development of deep and liquid local currency and regional bond markets. This Environmental and Social Safeguards Policy (the “Policy”) has been drafted to ensure that CGIF achieves this objective while promoting environmental and social sustainability of the activities financed with the support of CGIF’s guarantees. The objective of the Policy is to comply in all respects with (i) the requirements for Financial Intermediaries2 as detailed in Safeguard Requirements 4 of ADB’s Safeguard Policy Statement 2009, as updated (SPS); and (ii) requirements for the protection of the environment and of Indigenous Peoples, and the sustainable management of involuntary resettlement contained within ADB’s Safeguard Requirements 1-3 as applicable, and this Policy shall be understood and applied accordingly. 3
  2. Pursuant to the Policy, CGIF will establish and implement comprehensive internal procedures for reviewing, assessing, monitoring, and implementing transactions supporting corporate financing, to ensure compliance with the Policy (the “Environmental and Social Safeguards Framework” or “the Framework”). The Framework requires environmental and social screening, categorization and due diligence procedures, and monitoring processes throughout the life of a transaction in conformity with the principles and requirements embodied in the Policy. CGIF will work with its prospective guaranteed bond issuers (the “Prospective Issuers”) and its outstanding guaranteed bond issuers (the “Outstanding Issuers”) to ensure and enhance effective management of environmental and social risks by:
    1. ensuring that the Policy is complied with for all guarantees issued;
    2. guaranteeing bonds for projects only when the projects are required to be designed, constructed, operated, and maintained in a manner consistent with the Policy;
    3. guaranteeing corporate bonds only when the Prospective Issuer is required to implement an environmental and social management system consistent with the Policy;
    4. requiring environmental and social risk identification and management to be integrated into the Outstanding Issuers’ internal risk analysis;
    1. actively encouraging and requiring Prospective Issuers and Outstanding Issuers (together, the “Issuers”) to adhere to the Policy;
    2. ensuring appropriate consultation and disclosure, as applicable, with stakeholders for all bond guarantees; and
    3. promoting bond issuers that provide environmental and social benefits.
  3. The Policy and its associated Framework apply to all Outstanding Issuers and Prospective Issuers. CGIF will not issue a guarantee unless the Prospective Issuer has agreed to comply with the Policy and the host country’s social and environmental laws and regulations, including international laws adopted/ratified by the host country. In addition, CGIF will not issue a guarantee if the Prospective Issuer’s activities which are to be financed by the bond are included in ADB’s Prohibited Investment Activities List in its most recent version (“PIAL”).

1This Policy and the Framework apply to all CGIF bond guarantees for which application is made after 1 January 2019. The revised Environmental and Social Safeguards Policy and Framework was endorsed by CGIF’s Board as advised in CGIF’s CEO announcement dated 30 November 2018 and available at Updates to the Policy and Framework may be required from time to time and will be released on CGIFs website promptly following such updates.

2CGIF was established as a Financial Intermediary of ADB as detailed in the Report and Recommendation of the President dated March 2010 and available at

3This Policy will be updated as appropriate, if SPS is updated or if at any time it becomes apparent, as a result of any omission in the Policy, that the Policy does not meet the stated objective.



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