This publication describes how state-owned enterprises (SOEs) can access finance on commercial terms, without sovereign guarantees. Doing so can create fiscal space for governments and new sources of finance for important investments.


ADB is committed to SOE reform that supports access to commercial finance in its developing member countries, as also emphasized in Strategy 2030. With the rise of commercial finance for SOEs, this publication details the steps to enhance the bankability of SOEs. It also explains how the risks of such borrowing, including defaults and moral hazards created by implicit guarantees, can be managed.