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Guiding principles for bank guarantees
On January 12, 2000, the Board of Directors approved a General Authority on the Bank’s Financial Products and Services (ADB/BD/WP/99/164) that provides for the issuance of guarantees as one of the Bank’s core financial products. As a follow up to the General Authority, this document has been prepared to outline a set of interim principles and modalities that will be used to guide the issuance of Bank guarantees during a two-year pilot period. Based on the Bank’s experience during this pilot phase, a more comprehensive policy on Bank guarantees will be developed for the Board’s consideration.