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 21 Apr 2009

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Asean+3 in Bali to discuss credit enhancement

The Association of Southeast Asian Nations (Asean) plus China, Japan and Republic of Korea (Asean+3) will discuss the establishment of a credit enhancement facility at the 42nd ADB annual meeting in Bali, Indonesia, next month, an Indonesian official was quoted on Monday by the Jakarta Post website as saying.

The facility, namely the Credit Guarantee Investment Mechanism (CGIM), will raise the rating of corporate bonds, thus "reducing borrowing costs of companies," said Anggito Abimanyu, head of fiscal policy of the Indonesian Finance Ministry.

He said the facility would be established to increase the rating of corporate bonds, giving leverage to private firms to tap more financing amid the liquidity crisis.

He also said that the CGIM would have an initial capital of $500 million, managed by the Asian Development Bank (ADB), adding that more details on the implementation will be discussed at the upcoming ADB annual meeting.

The ADB said earlier that although Asian bond markets had shown considerable progress and growth over the past 10 years, they remained largely underdeveloped and much work still needed to be done.

The CGIM, the ADB said, would allow access to initial US dollar funding and lower the cost of fundraising by banks, thereby boosting foreign exchange liquidity in the region.










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