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Who is CGF

The Treasury was entrusted with the implementation of the proposal and from the 05th of August 1999, the Secretary to the Treasury established a Trust, under the caption as “Construction Guarantee Fund”, for the purpose of providing Guarantees and other securities to Construction Contractors to enable them to undertake construction contracts.

The Trust was set up by a declaration of Trust and a Deed of Trust was entered into between the Secretary to the Treasury (ST) as the Settlor and six Trustees appointed by virtue of their office held both from the Public and Private Sectors. The Trustees have declared and accepted to hold the current / future Trust property for the sole object of the Fund. The powers vested with the Trustee have been clearly defined in the Deed of the Trust and has been accepted and signed by the Settlor and the Trustees.

The Declaration and the Trust Deed which is termed the `Instrument of Trust’ is governed by the Trust Ordinance.

The success of progress of the CGF from its inception in August 1999 up to the present date has been achieved through the governance and management of the Trust as contained in the provisions of the Trust and not by any other regulations. Today CGF has grown to become a `key’ specialist provider of bonds to Sri Lankan market by being creative and flexible / personal in its approach whilst striving to be a bureaucratic.

 

“In this respect the Government has instructed to all Ministries, all Provincial Councils, Departments, Boards & Corporations & Government owned Companies to accept Bonds & Guarantees issued by the Construction Guarantee Fund”

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