To achieve development targets and priorities, countries utilized several mechanisms to finance their development programs. In the case of developing countries, modalities of developing finance varied according to the available funds. Several major development programs such as infrastructures, environment, agriculture, specialeconomic areas, and others, have been identified and implemented to be financed from specific financial modalities, including through foreign aid and loan programs, bonds, blended finance, public-private partnership, and others. With these various models of development financing available from numerous nationaland international financialagencies available, governments become more aware of the opportunities that they have to expand their economic growth. This research intends to identify, map, and analyze the existing mechanism of development financing available in the three countries in ASEAN, which are Indonesia, Malaysia, and Thailand. This willcapture to understand and reveal the actors, modalities, issues, and source of funding to finance development programs. It will question what are the existing models of development financing applied in these three countries, and how the link between actors, issues, and source of funds derive the modalities of development financing. This research willalso find the gap, challenges and opportunities that countries have in deriving specific modalities to support its development targets and policy

Development Financing, state capitalism, foreign loan, foreign investment, Southeast Asia

• Dayu Nirma Amurwanti, S.E., M.H.,M.Sc.

• Abdul Rasyid, SHI, MCL., Ph.D

• Dr. Lili Yulyadi, B.IRK., B.HSc., M.HSc.

• Dr. Miranda Paulina Tahalele, S.IP, MA