institut de prevision de l ’ epfz, avec une perspective d ’ acceleration a 2 % pour 1995. le reveil conjoncturel eut bien lieu, non seulement chez nous, mais egalement chez nos partenaires europeens, mais il ne dura pas. de nouvelles difficultes surgirent. en fevrier 1994, la reserve federale americaine decida, apres avoir maintenu longtemps une orientation expansive a sa politique, de tirer a nouveau sur les renes monetaires. en l ’ espace de douze mois, les taux a court terme sur l ’ eurodollar passaient ainsi de 3 a 6 %, mettant un terme a la baisse des taux en europe. les taux longs monterent sur un large front et le dollar flechit. le recul du dollar se poursuivit pendant deux ans, entrainant une appreciation des monnaies europeennes, particulierement du franc suisse qui a toujours tendance a surreagir dans de pareilles circonstances. l ’ annee 1994 joua donc un role crucial dans le deroulement des evenements conjoncturels de ces dernieres annees car elle vit une tres forte deterioration des conditions monetaires en europe continentale. la reprise se fragilisa partout sans que les specialistes s ’ en rendent compte ; leurs previsions conjoncturelles demeurant franchement optimistes. a la fin de 1994, une acceleration de la croissance etait encore envisagee pour l ’ annee suivante et une consolidation de ce mouvement en 1996. on le sait, les evenements se deroulerent differemment : le dollar continua de flechir ; la suisse, comme ses voisins, sombra une nouvelle fois en recession. la banque nationale provoqua bien de nouvelles reductions des taux d ’ interet et un elargissement de l ’ ecart entre les taux suisses et allemands, mais la croissance economique dans notre pays se ralent

njuguna ndung ’ u : a new agricultural finance training programme for kenya remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the launch of the certificate in agricultural finance ( caf ) and the east african agricultural finance network ( eaafn ), kenya school of monetary studies, nairobi, 7 september 2011. * * * the hon. minister for agriculture, dr. sally kosgei ; the secretary general, east africa community, amb. dr. richard sezibera ; permanent secretary, dr. romano kiome ; usaid east africa regional director, lawrence meserve ; chief executive officers of commercial banks ; esteemed members of afraca ; distinguished participants ; ladies and gentlemen : good morning : hon. minister, about a year and a half ago, on 17th march 2010, we gathered here to discuss innovative ways to increase financial flows to the agricultural sector. the delegates in that meeting identified limited human capacity in agricultural lending as an impediment to financing the sector. the kenya school of monetary studies was tasked to address this human resource gap amongst lending institutions. ladies and gentlemen : i am pleased to inform you that after extensive consultations with key stakeholders, the school with the support of usaid - competitiveness and trade expansion project ( compete ), developed a modular certificate training program whose launch we are all here to witness. i wish to commend the team that steered the process of initiating this important program. in order to further develop this sector, this committee has been transformed into the east african agricultural finance network ( eaafn ) with a view to nurture, deepen and consolidate the sector ’ s capacity building agenda. hon. minister, i also recognize the presence, at this forum, of the inaugural class of the regional certificate program in agricultural finance. i hope the course is has met your expectations. hon. minister, ladies and gentlemen : the rapid growth of microfinance suggests that there may be a large market for rural and agricultural loans. it is therefore important to better understand the demand for and use of agricultural credit to develop effective products, institutions and policies. that is why the caf program mainly targets staff working in the credit and product development units in regional commercial banks, agricultural saccos and micro - finance institutions. hon. minister, ladies and gentlemen, let me conclude by again expressing the central bank of kenya ’ s appreciation of various institutions that have enabled the development of this capacity building