Credit Guarantee and Investment Facility

The Credit Guarantee and Investment Facility (CGIF) is a trust fund of the Asian Development Bank (ADB) established in November 2010 to promote financial stability and boost long-term investment in the ASEAN+3 region. It was founded by the ten ASEAN member countries together with the People's Republic of China, Japan, the Republic of Korea, and the ADB, and forms part of the Asian Bond Markets Initiative. CGIF's core business is providing guarantees for local-currency-denominated bonds issued by corporations in the region, enabling companies that would otherwise struggle to access local bond markets to issue longer-maturity debt. By doing so, CGIF aims to make the region's financial system more resilient to volatile global capital flows and external shocks, and to reduce the currency and maturity mismatches that contributed to the 1997–1998 Asian financial crisis. CGIF's guarantees are irrevocable and unconditional obligations covering 100% of principal and interest payments; in the event of default during the life of a bond, CGIF pays bondholders. The facility is governed by a Meeting of Contributors, which is its highest decision-making organ and meets formally within five months after the end of each fiscal year. As of 30 August 2023, CGIF had capital of USD 1,158 million provided by 14 countries and institutions. The largest contributors are the People's Republic of China and Japan (USD 342.8 million each), followed by the ADB (USD 180 million), the Republic of Korea (USD 171.4 million), Indonesia (USD 30.6 million), the Philippines, Singapore and Thailand (USD 21.6 million each), Malaysia (USD 17.6 million), Brunei Darussalam (USD 5.6 million), Vietnam (USD 1.9 million), Cambodia and Lao PDR (USD 200,000 each), and Myanmar (USD 100,000). CGIF is headquartered in the Asian Development Bank Building in Mandaluyong City, Metro Manila, Philippines. Its guarantee portfolio spans a range of issuers across ASEAN+3, including companies in manufacturing, education, bioenergy, distribution and retail, property development, water purification, and digital communications. In 2025 CGIF marked 15 years since its establishment, reflecting on its role in shaping more resilient and integrated local-currency bond markets. The facility continues to focus on safeguarding stakeholder interests and enhancing bond market confidence in its guarantee products.

The Credit Guarantee and Investment Facility (CGIF) was established in November 2010 by the ten member countries of the Association of Southeast Asian Nations (ASEAN) together with the People's Republic of China, Japan, the Republic of Korea, and the Asian Development Bank. It was created as a trust fund of the ADB and as part of the Asian Bond Markets Initiative, with the mission of promoting financial stability and boosting long-term investment in the ASEAN+3 region. The facility was designed to address a structural weakness exposed by the 1997–1998 Asian financial crisis: the reliance of regional corporations on short-term foreign-currency borrowing, which created currency and maturity mismatches. CGIF provides guarantees to local-currency-denominated bonds issued by corporations in the region, enabling them to issue local-currency bonds with longer maturities. This is intended to make the region's financial system more resilient to volatile global capital flows and external shocks. CGIF's guarantees are irrevocable and unconditional obligations covering 100% of principal and interest payments. If a payment default occurs during the life of a bond, CGIF pays the bondholders. The facility is governed by a Meeting of Contributors, which is the highest decision-making organ under its Articles of Agreement and meets formally within five months after the end of each fiscal year. Over the years, CGIF has guaranteed bonds and sukuk issued by a diverse set of companies across ASEAN+3. Issuers have included SNC, a manufacturer of air conditioner parts and household appliances; CEG, a global vocational education group; Apeiron, a bioenergy products player; Erajaya, a distribution and retail company; HEG, a higher education provider; INTI, a Malaysian private higher education group; YSH2, a Myanmar-focused diversified business; ADCP, a mass transportation-based property developer; Phenikaa, an engineered stone countertop supplier; CIAF, a K-12 school in Cambodia; Tecomen, a water purifier company in Viet Nam; and Telcotech, a digital communication and internet service provider in Cambodia. As of 30 August 2023, CGIF had capital of USD 1,158 million provided by 14 countries and institutions. In 2025, CGIF marked 15 years since its establishment in 2010, reflecting on its progress and outcomes and reaffirming its commitment to shaping more resilient and integrated local-currency bond markets. In September 2026, CGIF fulfilled its guarantee obligation following ADCP's second coupon payment default, demonstrating the operational role of its guarantee products.

• 2026

  CGIF fulfilled its guarantee obligation following ADCP's second coupon payment default (September 21, 2026).

• 2025

  CGIF marked 15 years since its establishment in 2010.

• 2023

  As of 30 August 2023, CGIF had capital of USD 1,158 million provided by 14 countries and institutions.

• 2010

  CGIF established in November 2010 by ASEAN+3 countries and the Asian Development Bank as a trust fund of the ADB.

A multilateral credit guarantee facility within the Asian Bond Markets Initiative, focused on developing local-currency bond markets in ASEAN+3.

• Bond guarantee

  Irrevocable and unconditional guarantee covering 100% of principal and interest payments on local-currency-denominated bonds issued by corporations in ASEAN+3.

• Sukuk guarantee

  Guarantees for sukuk issued by corporations in the region.

1. 1CGIF - Credit Guarantee & Investment Facilitycgif-abmi.org
2. 2CGIF - About Uscgif-abmi.org
3. 3CGIF - Milestonescgif-abmi.org
4. 4CGIF - Contributorscgif-abmi.org
5. 5Credit Guarantee and Investment Facility - Wikidatawikidata.org
6. 6Credit Guarantee and Investment Facility - Wikipedia (German)de.wikipedia.org