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 needed investment. Under Strategy 2030, the Asian Development Bank is committed to SOE reform that supports access to commercial finance in its developing member countries. The publication confirms the rise of commercial finance for SOEs and details steps to enhance the bankability of SOEs. This includes practical guidance on how to improve governance and increase financial viability. The publication also explains how the risks of such borrowing, including defaults and moral hazards created by implicit guarantees, can be managed.