##using many infrastructure loan assets, across various sectors and geographies. the business momentum is strong, leading to further opportunities for the corporation to continue accumulating a well - diversified portfolio and the necessary track record in managing this asset class, which are two essential requirements for future securitisation. 21. with respect to securitisation of infrastructure loan assets, it is not without its challenges. market conditions is certainly one such challenge, as we all just witnessed some roller coaster rides of yield volatility in the past months. and securitising a pool of highly bespoke infrastructure loan asset pool presents a vastly different proposition to traditional investors who are more used to investing in a highly homogeneous asset pool such as mortgage loans. for this reason, there are limited successful precedents in the market globally, presenting additional challenges for investor to benchmark a relevant issue. 22. notwithstanding these challenges, we do see that it is a meaningful market development opportunity. if successful, it will help mobilise capital market liquidity into an attractive alternative asset class and help fill the market gaps in infrastructure financing. 23. ladies and gentlemen, i notice from the agenda of this conference that there will be a lot more interesting discussions in the important subject of fixed income market generally and structure credit products specifically. such discussions are very important to further enhance the understanding of regulators and market practitioners alike about the opportunities and impediments relating to further development of these products. 24. we in hong kong are eager to work with you all to further enhance our financial services platform in order to offer more exciting opportunities for all. this is clearly demonstrated by our continuous efforts in making legislative and regulatory changes in the past few years relating to open ended fund companies, corporate treasury centres, aircraft leasing, limited partnership regime, and many more. so apart from the initiatives i touched upon, we also welcome your inputs on what more should be done to better capture the opportunities in the structured credit space riding on the conducive macro trends i mentioned earlier. 25. once again, i thank imn for having me here today. i wish you all a very successful summit. 1 1simmons simmons, “ synthetic securitisation : opening the basel toolbox in asia - pacific ”, 13 august 2020 3 / 4 bis central bankers'speeches 4 / 4 bis central bankers'speeches

yandraduth googoolye : renewed protectionist tendencies - some implications for macroeconomic policy in africa speech by mr yandraduth googoolye, governor of the bank of mauritius, at the continental seminar of the aacb for the year 2019, balaclava, 6 may 2019. * * * deputy governors mr papa lamine diop, executive secretary of the aacb delegates from member central banks ladies and gentlemen members of the media good morning and a warm welcome to you all in mauritius for this 2019 aacb continental seminar. this is the first time that the bank is hosting this event. we are pleased to have participation from 24 member central banks and 12 institutions. i am given to understand that we have about 70 participants. the large turn - out demonstrates the importance of the chosen theme. the bank of mauritius has participated actively in aacb meetings and activities over the past years. mr diop, who is with us today, can bear testimony to this. we hosted the governors ’ meetings of the aacb eastern africa sub - region in july 2007 and july 2008 and we also hosted the aacb annual meetings in august 2013 in our capacity as vice – chair of the association. last year, as chair of the sub - region, the bank hosted for the third time the governors ’ meeting for the eastern africa sub - region. the theme for this 2019 continental seminar : ‘ renewed protectionist tendencies : some implications for macroeconomic policy in africa ’ is highly pertinent and topical. in its latest regional economic outlook for sub - saharan africa, the imf has estimated growth to pick up from 3 percent in 2018 to 3. 5 percent in 2019. the economic recovery under way is a positive development. however, one can reasonably argue that current and expected growth levels are somewhat inadequate to lift millions of people out of poverty and provide decent jobs to an estimated 20 million new entrants to labour markets each year. the imf has also cautioned against downside risks stemming from heightened trade tensions, slower growth in china, lower commodity prices, and tighter global financial conditions, which could lower growth in sub - saharan africa by 2 percentage points this year. as expected, the impact would be more pronounced for commodity exporters and countries with stronger links to china and global markets. a review of the performance of african countries with respect to the african monetary cooperation program criteria in recent years indicates clearly that african countries are not building adequate fiscal and external buffers to cope with a range