##mensurate with their expected returns. we need catalytic capital to improve project bankability and crowd in private sector capital. blended finance is also about combining financing with capacity building, technology transfer, and institutional support, to reduce risk and enhance bankability. 1 / 4 bis - central bankers'speeches blended finance is not new but scaling it requires a fresh approach. about a month ago, the monetary authority of singapore ( mas ) held the inaugural transition finance towards net zero conference conference. the conference saw more than 500 leaders and experts from across the world – from industry, academia, governments, and multilateral development banks - discuss the nuts - and - bolts of what it takes for blended finance to scale. what were their key take - aways? one, greater capacity and expertise to prepare projects. this is critical at the early stages of project development, especially in developing economies. transition projects need to be well designed with clear targets and transparent metrics to draw private capital. two, better risk mitigation and risk transfer mechanisms. we need catalytic and concessional funding from the public sector, multilateral development banks, and philanthropic sources, to improve project bankability and crowd in additional multiples of private sector funding. this will mean re - looking the financing models and incentive structures of multilateral development banks. three, a more synergistic financial ecosystem. we need to recycle capital by taking loans off bank balance sheets and structuring them in a form that institutional investors can participate in. singapore is taking active steps to scale transition and blended finance. infrastructure asia, launched by mas and enterprise singapore, provides expertise in project scoping, shares best practices in project development, and facilitates infrastructure financing deals in the region. clifford capital, whose borrowings are guaranteed by the singapore government, provides debt financing to crowd in equity participation for infrastructure projects. pentagreen capital, a partnership between hsbc and temasek holdings, will deploy blended finance at scale to unlock marginally bankable projects in southeast asia. convergence, a global network for blended finance, has launched a s $ 5 million grant scheme supported by mas, which will fund feasibility studies and proof of concept work on innovative blended finance solutions in target sectors that are under - capitalised in asia. singapore is also partnering global efforts to promote transition and blended finance. the network of central banks and supervisors for greening the financial system ( ngfs ) has established a blended finance initiative, that will identify best practices and lessons from past case

, as a result of progressing with structural reform under the growth strategy, the potential growth rate may rise, worsen the output gap temporarily, and put downward pressure on prices. nevertheless, the bank will continue with the qqe, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. thus, it can address such downward pressure on prices. we will steadily pursue the qqe with a view that japan ’ s economy will be able to grow at a higher rate in an environment of a stable inflation rate of about 2 percent. thank you. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches