CGIF was established in November 2010 to promote financial stability and to boost long-term investments in the ASEAN+3 region (the “Region”)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. 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 30 August 2023, CGIF’s capitalization stands at USD1.1580 billion following the Capital Increase Plan.