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Asian countries agree on capital increase for regional credit guarantee fund

All Headlines 11:08 December 13, 2017

SEOUL, Dec. 13 (Yonhap) -- South Korea, China, Japan and member countries of the Association of Southeast Asian Nations have agreed to jack up the capital base of a regional credit guarantee fund, Seoul's finance ministry said Wednesday.

According to the ministry, the countries agreed to raise the capital base of the Credit Guarantee and Investment Facility (CGIF) by US$500 million, as the fund's current capital base of $700 million has almost been depleted.

The agreement came at a deputy finance ministers and deputy governors meeting held in Japan earlier this week.

The CGIF, a trust fund operated by the Asian Development Bank, provides credit guarantees for bonds floated in those countries.

sam@yna.co.kr
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