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


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

The aim of CGIF is to help companies that otherwise would have difficulty tapping local bond markets, secure longer-term financing and 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 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 04 June 2021, CGIF's capitalization stands at USD1.1290 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 342,800,000
Republic of Korea 171,400,000
Brunei Darussalam 5,600,000
Cambodia 200,000
Indonesia 15,600,000
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 1,900,000
Asian Development Bank 180,000,000
TOTAL 1,129,000,000

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 to 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
Ms. Jiandi YE PR China
Mr. Noriyasu MATSUDA (Chairperson) Japan
Ms. Mina KAJIYAMA Japan
Mr. Taebum KIM 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
General Counsel & Board Secretary
Corporate Planner & Head of Budget, Planning, Personnel & Management Systems
Internal Auditor
Chief Financial Officer
Vice President 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. However, entities whose principal shareholders are not from an ASEAN+3 country may be considered should proceeds be used for Eligible Developmental Purposes (“EDP”)
EDP refers to any of the following use of the proceeds of guaranteed bond issuance: project / infrastructure finance, securitization, renewable energy finance, green / social / sustainability finance in ASEAN+3, or financing borrowers with operations in Brunei Darussalam, Cambodia, Lao People’s Democratic Republic, and Myanmar.
  • 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 proceeds of the CGIF guaranteed bond does not involve any activity in ADB’s prohibited investment activity list (PIAL)
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 USD220 million equivalent for a single issuer
  • Bond tenor of up to 10 years. However, bond tenor of 10-15 years is possible subject to credit quality and justification
  • Issuance should be in an ASEAN+3 currency
CGIF is keen to support cross border issuances in ASEAN + 3 for companies that are looking at projects and investments in the region.
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. 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 24 February 2021
RAM Ratings Global / ASEAN / National gAAA / seaAAA / AAA Stable 15 January 2021
MARC National AAA Stable 17 December 2019
TRIS Ratings National AAA Stable 30 October 2020
Fitch Ratings Indonesia National AAA Stable 28 May 2021
Pefindo Credit Rating Agency National idAAA Stable 29 July 2021
Rating Reports: | S&P Ratings | RAM Ratings | MARC | TRIS | Fitch Ratings Indonesia | Pefindo

View Previous Ratings

For the complete Guarantee Portfolio table click here



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.

CGIF Integrity Policy
  1. This Integrity Policy (the “Policy”) of Credit Guarantee and Investment Facility (“CGIF”), a trust fund of the Asian Development Bank (“ADB”), addresses integrity issues in the activities of CGIF staff and the guarantees CGIF issues.
  2. CGIF will seek to: (i) promote the highest ethical standards in the activities of CGIF staff and the guarantees it issues; and (ii) obtain reasonable assurance that CGIF’s guarantees will not be utilized for unlawful purposes, including money laundering (the processing of the proceeds of crime to disguise their illegal origin) or the financing of terrorism (providing or collecting funds with the intention or knowledge that they are to be used to carry out terrorism).
  3. Pursuant to the Policy, CGIF will establish and implement internal procedures designed to enhance the integrity of CGIF’s operations, strengthen CGIF’s internal controls and safeguard CGIF’s funds1 (the “Procedures”). The Procedures will require CGIF to adopt a risk-based approach2 in identifying, assessing, managing and monitoring integrity-related risks (including integrity violations) in the course of guarantee processing, issuance and administration. The Procedures will also require CGIF to seek to obtain reasonable assurance that: (i) CGIF’s guarantees do not facilitate tax secrecy, tax evasion or tax fraud; and (ii) do not involve material related-party contracts under which CGIF’s client makes excessive payments to an offshore related party (typically in a no-tax or low-tax jurisdiction) that may inappropriately transfer assets out of ADB’s developing member countries (DMCs).3 CGIF seeks to obtain reasonable assurance that each transaction it finances does not facilitate such an unacceptable tax integrity practice. CGIF will disclose such tax integrity risks and significant integrity risks to CGIF’s board of directors.4
  4. In pursuance of the Policy, integrity violations in relation to CGIF’s activities, or its staff include:5
    1. Corrupt practice, which is the offering, giving, receiving, or soliciting, directly or indirectly, anything of value to influence improperly the actions of another party;
    2. Fraudulent practice, which is any act or omission, including a misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation;
    3. Coercive practice, which is impairing or harming, or threatening to impair or harm, directly or indirectly, any party or the property of the party to influence improperly the actions of a party;
    4. Collusive practice, which is an arrangement between two or more parties designed to achieve an improper purpose, including influencing improperly the actions of another party;
    5. Abuse, which is theft, waste or improper use of assets related to CGIF-related activity, either committed intentionally or through reckless disregard;
    6. Conflict of interest6, which is any situation in which a party has interests that could improperly influence that party’s performance of official duties or responsibilities, contractual obligations, or compliance with applicable laws and regulations;
    7. Obstructive practice, which includes (a) deliberately destroying, falsifying, altering, or concealing of evidence material to an investigation; (b) making false statements to investigators in order to materially impede an investigation; (c) failing to comply with requests to provide information, documents, or records in connection with an investigation; (d) threatening, harassing, or intimidating any party to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation; or (e) materially impeding CGIF’s contractual rights of audit or inspection or access to information;
    8. Violations of ADB sanctions;7
    9. Misconduct, which is failure by a staff member to observe the rules of conduct or the standards of behavior prescribed by CGIF, may not necessarily be intentional and can arise from neglect, recklessness or mismanagement;
    10. Retaliation against whistleblowers or witnesses, which is any detrimental act, direct or indirect, recommended, threatened or taken against a whistleblower or witness, or person associated with a whistleblower or witness, in a manner material to a complaint because of the report or cooperation with an investigation by the whistleblower or witness; and
    11. Other violations including failure to adhere to the highest ethical standards.
  5. CGIF will require integrity issues to be addressed, as appropriate, in legal documents
  6. Updates to the Policy may be required from time to time and will be released on CGIF’s website promptly following such updates.8

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

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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