caleb m fundanga : narrowing zambia ’ s investment gap for sustainable development keynote address by dr caleb m fundanga, governor of the bank of zambia, at the euromoney zambia investment conference “ narrowing zambia ’ s investment gap for sustainable development ”, lusaka, 10 june 2008. * 1. 0 * * introduction over the recent past, the zambian economy has performed relatively well. this is reflected in the positive growth rates in real gross domestic product ( gdp ), low inflation, relative stability in the exchange rate of the kwacha against major currencies, stable financial sector and improved banking services. the recent impressive economic trends suggest that the reform programmes that have been pursued are working and bearing fruit. these reforms have focused on the restructuring of the economy, to let markets determine prices, shift production decisions from the government to the private sector and provide an enabling environment for increased investment. this has led to a stable macroeconomic environment and has provided a basis for growth. however, the challenge that still remains is that of meeting the basic needs of zambians in order to uplift their living standards. equally, the economy still has low savings needed to finance development activities and therefore needs more foreign capital to expand its productive capacity and create more jobs that contribute to the uplifting of people ’ s living standards. zambia is a country with abundant natural resources and human capital. it is a centrally located country with eight neighbouring countries and close proximity to the large market of south africa, a surface area of over 750, 000 sq km, and an approximate population of over 11 million people. it also boasts of a suitable climate, peace and a multi - party competitive democratic political system. the country possesses all the necessary attributes for sustainable economic growth and development. competitive production costs, incentives, and reforms have also enhanced the attractive investment climate for both local and foreign investors. numerous investment opportunities exist amongst the agriculture, manufacturing, tourism and mining sectors across various regions of the country. almost all provinces in zambia remain potential areas of investment whose resources remain largely untapped. its active participation in the sadc trade protocol and the comesa / fta offers preferential tariff access to market potential of nearly 380 million people. the zambian development agency ( zda ) act ensures that property rights are fully respected with full compensation on market value made in case of expropriation. the country is also a signatory to the multilateral investment guarantee agency of the world bank which guarantees foreign investment protection in cases of disasters

##fr ), which will take effect at the same time as mica. the traceability of funds and transactions enabled by blockchain technology is compromised by the ease with which new addresses can be created - sometimes without identity checks or verification of the origin of the funds deposited - and by various concealment techniques. innovation could play a positive role here. digital identity solutions, based on advances in cryptographic proof techniques, could facilitate the direct implementation of " know your customer " ( kyc ) obligations on the blockchain. they could thus make it possible to reconcile the identification of individuals involved in blockchain transactions, for aml / cft purposes, with privacy protection requirements. * * * ii / as we can see from this last example, while it is necessary to strengthen operational resilience, this in no way prevents you, fintechs, from designing tomorrow's business 2 / 4 bis - central bankers'speeches models and technological solutions. a / in this area and others, the banque de france and the acpr stand alongside the fintech ecosystem, first and foremost by contributing to the development of a regulatory framework that fosters innovation while protecting consumers. a good example of this approach is " open finance ". the financial data access ( fida ) proposal, published by the european commission on 28 june, aims to facilitate access to financial data. this is clearly an opportunity for fintechs to deploy their creativity and agility, in order to offer consumers innovative financial services within a secure framework. one initial reason for the banque de france and the acpr to be satisfied is that lessons have been learned from the mixed results of the implementation of the open banking policy set out in psd2. indeed the key aspect of the proposal are the data sharing schemes, which data holders and users will have to develop together, and to which they will then be obliged to adhere. the system seems fair, with, on the one hand, the principle of paying for the use of data - which should encourage the players to work together in a concerted manner - and, on the other, the guarantee that the amounts will be limited and regulated. at the same time, fida establishes a protective framework for customers, which responds to a key concern of the acpr. consumers will thus be able to choose whether or not to share their data, and will have access to a dashboard that makes it easier to view and manage the rights granted. similarly, data sharing will have