The Infrastructure Credit Guarantee Fund has provided credit guarantees to concessionaires borrowing from financial institutions for PPP projects since 1994. Under the PPP Act, the fund is managed by the Korea Credit Guarantee Fund, a public financial institution that extends credit guarantees for the liabilities of promising enterprises that lack tangible collateral. The Infrastructure Credit Guarantee Fund is financed through annual government investment, revenue from guarantee fees, and returns on investments. When a fund-guaranteed project defaults, the fund subrogates on behalf of the concessionaire. If a project guaranteed by the fund becomes bankrupt, the fund reimburses the concessionaire for its obligations. The credit guarantee limit for each project is W300 billion ($300 million), and the maximum annual guarantee fee is 1.5% of the guaranteed fund.