t, in a survey of borrowers by the alternative reference committee ’ s nonfinancial corporates working group in march this year, over 80 % of respondents would prefer alternatives based on sofr than on credit sensitive alternatives. [ 16 ] in fact if lenders looked past the short term benefits of substitutability they too would see that when descending safely : life after libor ‐ speech by andrew bailey | bank of england the limited durability of these credit sensitive rates is combined with the need, and in some jurisdictions the requirement, to ensure there is access to robust fallbacks the sensible option is to make your primary rate selection the most robust you can. in the uk there is a clear consensus that credit sensitive rates are not required or wanted as part of sterling libor transition and in my view this is sensible. widespread use of rfrs will ensure we are using benchmarks that will remain transparent to users and embed rates that have long - term durability for the future. conclusion the use of sofr in us dollar markets is growing. we know liquidity attracts liquidity, it is clear there is demand from borrowers and we welcome initiatives to continue to increase sofr usage. there is also broad international consensus to support the us authorities and limit new use of us dollar libor from the end of this year. so with the summit in sight let ’ s reflect on how far we have come in what was always a challenging climb, but let ’ s also make sure we complete the job properly and safely descend the mountain that is libor. i am grateful to raza rehman, david geen, arif merali, stefania spiga and alastair hughes for their assistance in helping me prepare these remarks. 1. based on data from lch. 2. the fca and the bank of england encourage market participants in further switch to sonia in interest rate swap markets 3. based on data from clarusft and bank of england estimates. 4. the fca and the bank of england encourage market participants in a switch to sonia in the sterling non - linear derivatives market from 11 may 5. path to ending new use of gbp libor - linked derivatives 6. based on reporting to the bank of england and financial conduct authority. 7. libor – are you ready for life without libor from end - 2021? 8. based on reporting from international capital markets association. 9. announcements on the end of libor 10.

. meanwhile, cooperation and support from the international community are needed. it is worth noting that the economic development is unbalanced among african countries. while more financial support should be provided to countries with sound performance, necessary assistance should also be given to those small and weak countries that have just emerged from war to help them resume the normal political and economic order and meet the basic living need of the people. in 2003, the african development bank continued to promote poverty reduction and sustainable economic growth in the african region. despite the difficulties resulted from the temporary relocation of the headquarters to tunisia, the bank successfully fulfilled the loan target of 2003. the total amount of the projects approved in 2003 increased significantly by 11 percent, with total loans and grants reaching ua1. 76 billion. for countries of the african development fund, the bank has taken measures to align their national strategy reports with the poverty reduction strategy reports, and to provide loans in light of their performance. the bank has also step up its assessment of development results of these countries. we are satisfied with the above progress. new partnership for africa ’ s development ( nepad ) clearly points out the way forward for africa ’ s future development. we encourage the bank to actively participate in the implementation of this plan. the roles of the bank involve policy guidance, technical assistance and advisory services on one hand, and coordination among african countries, african regional organizations, international institutions and global investors and donors on the other. under the framework of sino - africa cooperation forum, china actively supports nepad and the regional and sub - regional cooperation of african countries. we call on the international community, particularly the developed countries, to take concrete actions to contribute to the achievement of the millennium goals by improving the terms of trade of african countries, further reducing their debts and increasing development assistance to them. lastly, we sincerely hope that under the leadership of president kabbaj and the board of directors and with the joint efforts of the management and all the staff, the african development bank group will overcome potential difficulties, and, by pursuing earnest reforms, make new contributions to the economic and social development in africa. thank you.