AWARDS SPOTLIGHT: Credit Guarantee and Investment Facility

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PHILIPPINES: BIGGEST SUSTAINABLE IMPACT - NBFI (DOMESTIC) | THAILAND: BIGGEST SUSTAINABLE IMPACT - NBFI (INTERNATIONAL) | MAINLAND CHINA: BIGGEST SUSTAINABLE IMPACT - NBFI (INTERNATIONAL)

June 03, 2026

As sustainable finance markets across Asia continue to evolve, Credit Guarantee and Investment Facility (CGIF) has emerged as a key catalyst in helping issuers access long-term institutional capital while embedding higher standards of sustainability, governance and market development.

Across three landmark transactions spanning the Philippines, Thailand and China offshore markets, CGIF demonstrated how credit enhancement can help unlock first-of-their-kind sustainable financings that deliver measurable environmental and social outcomes while also strengthening domestic and regional capital markets.

A key differentiator of these transactions was their ability to broaden market access, introduce new financing precedents and mobilise capital towards underserved sectors and communities.

In the Philippines, CGIF supported Asialink Group’s Social Corporate Note issuance – the first CGIF-guaranteed peso-denominated social bond aligned with both ASEAN Social Bond Standards and ICMA Social Bond Principles.

The transaction was designed to expand financial inclusion for underserved micro, small and medium-sized enterprises (MSMEs), particularly low-income borrowers and rural entrepreneurs often excluded from traditional banking channels. Through Asialink’s nationwide network of more than 500 branches, the financing supports job creation, household income stability and broader economic participation across the Philippines.

Importantly, the transaction also elevated governance standards for Philippine non-bank financial institution (NBFIs). By adhering to international social bond frameworks and embedding enhanced reporting, proceeds tracking and impact measurement requirements, the issuance established a new benchmark for sustainable finance transparency in the local market.

Meanwhile in Thailand, CGIF backed Muangthai Capital’s Social Bond – the first publicly offered Singapore dollar social bond issued by a NBFI.

The deal showcased how cross-border sustainable finance structures can channel capital efficiently into grassroots economic development. Bond proceeds support financial inclusion initiatives across Thailand’s 77 provinces, including lending to smallholder farmers, women-led micro-enterprises and informal labourers. With over 8,600 branches and 3.6 million clients, Muangthai Capital’s scale gives the transaction nationwide reach.

Beyond the social outcomes, the transaction was notable for introducing higher disclosure and governance standards through its Singapore Exchange listing and use of the ASEAN+3 Multi-Currency Bond Issuance Framework. CGIF’s guarantee and oversight further strengthened operational discipline, transparency and ESG compliance standards.

Further, in the China offshore market, CGIF supported China Water Affairs’ maiden Blue Bond – a landmark transaction focused on sustainable water infrastructure financing.

The bond refinanced projects supporting water distribution systems across the Mainland, helping reduce non-revenue water losses, improve water-use efficiency and strengthen long-term water security. China Water Affairs operates one of the country’s largest water pipeline networks, spanning approximately 151,000 kilometres and serving more than 30 million people across 25 provinces.

The transaction also stood out for its alignment with international green and blue finance standards, including ICMA Green Bond Principles and IFC Blue Finance Guidelines. Combined with CGIF’s 100% guarantee and rigorous due diligence standards, the deal reinforced governance, disclosure and investor confidence while helping diversify the issuer’s funding base beyond traditional domestic financing channels.

Collectively, these award-winning transactions underscored CGIF’s growing role in shaping Asia’s sustainable finance ecosystem.

"Our commitment to sustainable development is driven by tangible, high-impact transactions," said Noriko Nasu, Chief Executive Officer. "These deals showcase how robust guarantees can unlock the capital markets for critical environmental and social initiatives. Capital markets hold the key to the region's future and CGIF is proud to be at the forefront of solutions that make sustainable growth possible."

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