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 20 August 2020, CGIF's capitalization stands at USD1.1022 billion following the Capital Increase Plan.
Please click the link to download 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||147,600,000|
|Lao People's Democratic Republic||200,000|
|Republic of the Union of Myanmar||100,000|
|Asian Development Bank||180,000,000|
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||PR China|
|Mr. Zhengwei ZHANG||PR China|
|Mr. Kenichi ASO (Chairman)||Japan|
|Ms. Mina KAJIYAMA||Japan|
|Ms. Jessica Ja Young GU||Korea|
|Mr. Mark Dennis Y.C. JOVEN||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 Deputy Chief Executive Officer / Chief Risk Officer, Chief Credit-risk Officer, Vice President Operations, Chief Financial Officer, General Counsel & Board Secretary, Corporate Planner & Head of Budget, Planning, Personnel & Management Systems, and Internal Auditor.
Chief Executive Officer
Deputy Chief Executive Officer / Chief Risk Officer
Chief Credit-risk Officer
|GENE SOON PARK
General Counsel & Board Secretary
|HOU HOCK LIM
Corporate Planner & Head of Budget, Planning, Personnel & Management Systems
|JACKIE JEONG-AE BANG
|DONG WOO RHEE
Chief Financial Officer
Vice President Operations
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||26 February 2020|
|RAM Ratings||Global / ASEAN / National||gAAA / seaAAA / AAA||Stable||30 January 2020|
|MARC||National||AAA||Stable||17 December 2019|
|TRIS Ratings||National||AAA||Stable||30 October 2020|
|Fitch Ratings Indonesia||National||AAA||Stable||10 December 2019|
|Pefindo Credit Rating Agency||National||idAAA||Stable||23 July 2020|
For the complete Guarantee Portfolio table click here
|Country of Origin|
Please click the links below to download CGIF's Financial Statements:
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 www.cgif-abmi.org. 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 https://www.adb.org/projects/44908-014/main#project-pds.
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.
1This is consistent with ADB’s Anticorruption Policy (1998), as amended and ADB’s policy: Enhancing the Asian Development Bank’s Role in Combating Money Laundering and the Financing of Terrorism (2003).
2Adopting a risk-based approach is consistent with the recommendations of the Financial Action Task Force (in relation to anti-money laundering) and with ADB’s policy: Anticorruption Policy: Enhancing the Role of the Asian Development Bank in relation to Tax Integrity (2016).
3As detailed at https://www.adb.org/about/members
4This is consistent with ADB’s policy: Anticorruption Policy: Enhancing the Role of the Asian Development Bank in relation to Tax Integrity (2016).
5The integrity violations are consistent with ADB’s Anticorruption Policy (1998), as amended, and ADB’s Integrity Principles and Guidelines (2015).
6A conflict of interest may not, in all cases, in and of itself, constitute an integrity violation.
7Sanctions includes the remedial actions as referred to in ADB’s Integrity Principles and Guidelines (2015).
88 For example, an update of this Policy may be required if ADB’s Integrity Principles and Guidelines (2015) or any ADB policies referred to in this Policy are amended.
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