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 capital contributions of USD700 million from ASEAN, the People's Republic of China, Japan, the Republic of Korea and ADB.

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 200,000,000
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 100,000
Malaysia 12,600,000
Republic of the Union of Myanmar 100,000
Philippines 19,900,000
Singapore 21,600,000
Thailand 12,600,000
Vietnam 1,100,000
Asian Development Bank 130,000,000
TOTAL 859,200,000

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
Ms. Hongxia LI PR China
Mr. Kenichi ASO Japan
Mr. Mitsutoshi KAJIKAWA Japan
Mr. Sun-joon JUN 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
Mr. Kiyoshi NISHIMURA Credit Guarantee and Investment Facility

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. He is the legal representative of CGIF. The CEO heads the management team currently comprising the Chief Risk Officer, Vice President Operations, Chief Finance Officer, General Counsel and Board Secretary, Corporate Planner and Head of BPPMS, and Internal Auditor.

Chief Executive Officer
Chief Risk Officer
Vice President Operations GENE SOON PARK
General Counsel and Board Secretary
Corporate Planner and Head of Budget, Planning,
Personnel and Management Systems
Internal Auditor
Chief Financial Officer


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 18 December 2017
MARC National AAA Stable 18 January 2018
TRIS Ratings National AAA Stable 06 November 2017
Fitch Ratings Indonesia National AAA Stable 14 September 2017
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

Please click the link below to download CGIF's Progress Reports:

Progress Report Cover

Progress Report 2017


Progress Report 2016


Progress Report 2015


Progress Report 2014


Progress Report 2013


Subscribe to Newsletter

Back to top

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.