Credit Guarantee and Investment Facility

What Credit Guarantee and Investment Facility does

Credit Guarantee and Investment Facility (CGIF) is a multilateral trust fund of the Asian Development Bank, established in November 2010, that provides irrevocable and unconditional credit guarantees to local currency denominated bonds issued by corporations in the ASEAN+3 region (10 ASEAN member states plus China, Japan, and Korea). CGIF's core product is a bond/sukuk guarantee backed by USD 1.158 billion in fully paid-in equity capital from 14 sovereign contributors, with the highest available credit ratings (AA from S&P, AAA from multiple national agencies). As of November 2024, CGIF had guaranteed 87 bonds and sukuks totaling USD 3,685 million across 56 corporates in 12 of 13 ASEAN+3 member countries, with USD 2,400 million outstanding across 55 active transactions denominated in 9 of 13 ASEAN+3 currencies.

The business model is fee-based: CGIF charges guarantee premiums on each bond it underwrites, with pricing determined transaction-by-transaction through a formal application process involving Preliminary Information Pack submission, due diligence, Guarantee Investment Committee review, and Board of Directors approval. The go-to-market is direct enterprise engagement with corporate issuers and bond arrangers, supplemented by a 2016 Reinsurance Treaty with world-leading private reinsurers for additional capacity and risk sharing. The product line has expanded beyond plain bond guarantees to include Construction Period Guarantees (CPG) for greenfield infrastructure projects, sukuk guarantees, and thematic bonds (green, social, sustainability-linked). The facility operates under an explicit policy mandate to address the currency and maturity mismatches that contributed to the 1997-1998 Asian Financial Crisis, by enabling longer-tenor, local currency bond financing across the region.

CGIF is governed by a Meeting of Contributors as the highest decision-making body and an 8-member Board of Directors representing contributors. China and Japan are the largest contributors at USD 342.8 million each, followed by ADB at USD 180 million and Korea at USD 171.4 million. The leadership team comprises senior executives from JBIC, CEXIM, BPI, Samsung, and Citibank, with lean headcount of 11-50 employees reflecting the high-leverage nature of the guarantee business. The first guarantee payout (ADCP Indonesia, June 2026) marked a milestone demonstrating the operational credibility of the irrevocable guarantee commitment.

Name

Credit Guarantee and Investment Facility

Legal name

Credit Guarantee and Investment Facility

Website

https://cgif-abmi.org

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Short description

Credit Guarantee and Investment Facility (CGIF) is a multilateral trust fund of the Asian Development Bank that provides irrevocable credit guarantees to local currency bonds issued by corporations in the ASEAN+3 region, backed by USD 1.158 billion in sovereign capital.

Ownership category

akta.pro rank

Product category

Bond Guarantee Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Investment Banking and Securities Intermediation (523150)

SIC

Miscellaneous Business Credit Institution (6159), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYBPADACAJ

Private Sector & Blended Finance Arms (IFC-type)

Business & Public Services/International Organizations & Development/International Financial Institutions & Development Banks

SECONDARYBPADABAM

Development Finance, Guarantees & Blended Finance Programs

Business & Public Services/International Organizations & Development/Bilateral Development Agencies & Aid Programs

Keywords

• Bond guarantee services
• Local currency bonds
• Sukuk guarantee facility
• ASEAN capital markets
• Credit enhancement

Headquarters

HQ city

Manila

HQ country

Philippines

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Bond Guarantee Fees: CGIF generates revenue through guarantee fees or premiums charged on the bonds it guarantees. The guarantees are irrevocable and unconditional commitments to pay bondholders upon non-payment by issuers throughout the tenor of the bonds.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

CGIF is a multilateral trust fund of the Asian Development Bank that issues irrevocable and unconditional guarantees to local currency denominated bonds and sukuks issued by corporations in the ASEAN+3 region. The facility helps companies expand and diversify debt capital sources, raise funds in matching currencies and tenors, transcend country sovereign ceilings for cross-border transactions, and gain familiarity in new bond markets. Guarantees are backed by USD 1.158 billion of fully paid-in equity capital from 14 sovereign contributors.

Product overview

CGIF is a bond guarantee facility providing financial instruments to support ASEAN+3 companies in accessing regional bond markets. The company operates a single core product line focused on bond and sukuk guarantees, supplemented by Construction Period Guarantees and Environmental and Social Due Diligence services. CGIF's guarantees are irrevocable and unconditional commitments backed by its USD 1.158 billion capitalization from ASEAN+3 contributors. The facility supports issuances in 9 ASEAN+3 currencies with tenors of up to 10-15 years, covering project bonds, corporate bonds, and thematic bonds (green, social, sustainability-linked).

Differentiator

Problem solved

Functional benefit

Products and services

• Bond Guarantee

Quantifiable outcome

• 87 bonds and sukuks guaranteed totaling USD 3,685 million by 56 corporates across 12 ASEAN+3 countries
• +1 more outcomes

Named customers11 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Danajamin Nasional BerhadminorStrategic or Co-development Partner · 30 September 2014Danajamin, Malaysia's first Financial Guarantee Insurer, signed a Strategic Collaboration Agreement with CGIF to support bond market development in the region.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Danajamin Nasional Berhad: Malaysia's first and only financial guarantee insurer, with a Strategic Collaboration Agreement with CGIF. Direct functional comparator (corporate bond guarantees) within a single ASEAN+3 market, though privately structured rather than multilateral.

Broad incumbents

• European Bank for Reconstruction and Development (EBRD): Multilateral development bank providing guarantees, loans, and equity in emerging European/Central Asian economies. Comparable multilateral structure and credit enhancement product mix, though with a different geographic mandate.
• Asian Development Bank (ADB): CGIF's parent sponsor and a continental DFI providing loans, guarantees, and technical assistance. Directly comparable in ASEAN+3 development finance mandate, though operating at vastly larger scale and with broader policy/advisory tools beyond guarantees.
• International Finance Corporation (IFC): The World Bank Group's private-sector arm, offering credit enhancements, guarantees, and B-loan participations in emerging markets. Highly comparable to CGIF in mandate (mobilizing private capital toward development), structure (multilateral), and product (credit guarantees/insurance), though far larger and globally diversified.
• European Investment Fund (EIF): EU specialist provider of credit enhancement instruments including guarantees and securitization for SMEs and infrastructure. Comparable in the use of guarantees to mobilize private capital, though geographically focused on Europe.
• KfW (Kreditanstalt für Wiederaufbau): German state-owned development bank issuing guarantees and export credit insurance. Comparable in providing sovereign-backed credit guarantees for emerging-market corporate and infrastructure debt, with broader financing tools beyond guarantees.
• Inter-American Development Bank (IDB) / IDB Invest: Regional DFI providing credit guarantees and structured financing to Latin American corporates. Comparable in multilateral mandate and guarantee issuance model, with regional rather than global footprint similar to CGIF's ASEAN+3 scope.

Direct peers

• GuarantCo: Private credit guarantee provider backed by development finance institutions (PIDG), issuing local currency guarantees for infrastructure and corporate bonds in frontier/emerging markets. Closest functional peer to CGIF outside the multilateral sphere, with overlapping product and target issuer base.
• Multilateral Investment Guarantee Agency (MIGA): World Bank Group affiliate providing political risk insurance and credit guarantees to investors and lenders in emerging markets. Directly comparable to CGIF in its guarantee-issuance model and multilateral governance, with overlapping issuance in the ASEAN+3 region.
• African Trade Insurance Agency (ATI): Multilateral trade and investment insurance/guarantee facility serving African member states. Closely analogous to CGIF in structure (multilateral trust fund, sovereign-backed capital, credit guarantee issuance), differing only in regional mandate (Africa vs. ASEAN+3).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/credit-guarantee-and-investment-facility

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Credit Guarantee and Investment Facility