. regulatory and political risks heighten the likelihood of default, transaction lead times are long, projects require prohibitively large amounts of start - up capital, and there is limited access to expertise in project development and financing. the current model of multilateral bank lending is inadequate to mobilise the capital that countries need for their transition. a good part of multilateral bank lending goes to bankable projects that could well have been financed by private capital. multilateral banks tend to prioritise projects with lower risks to support their mandates of macroeconomic stability and growth. but in truth, their capital is most needed for riskier projects that are only marginally bankable but can support the transition. what we need is public - private partnership in financing that is synergistic not duplicative. we need to make every dollar of public capital count. we need blended finance. catalytic and concessional funding from the public sector, multilateral development banks, and philanthropic sources can potentially enhance project bankability and help to crowd in private capital. they can : mitigate a portion of project risks to improve the risk - return profile and attract a broader set of private investors ; provide technical assistance at the project design stage to increase the pipeline of investable projects ; and facilitate the development of a mature climate blended finance ecosystem in emerging markets and developing economies. blended finance is not new but we need to scale it up and this requires a collective effort. central banks and financial supervisors can support this effort to varying degrees, depending on their mandates. the ngfs has launched a blended finance initiative to contribute to this collective effort in two ways. we will use our convening power to raise awareness of blended finance for climate action and help to bring the relevant parties into the room. we will identify any potential market, policy or regulatory barriers that hamper the scaling up of blended finance. the ngfs aims to launch at cop28 a handbook on blended finance. we will release next month a conceptual note on the handbook which will serve as a preamble. the handbook will be organised around three key themes. first, identify key elements needed to build a climate blended finance ecosystem. to scale up blended finance for climate adaptation and mitigation, we need financial instruments and vehicles that can align incentives in both the public and private sector and entice private capital with varying appetite for risk. 4 / 5 bis - central bankers'speeches for example, green bond funds or outcome - based debt instruments such as sustainability - linked

ravi menon : mas ’ annual report 2015 / 16 remarks by mr ravi menon, managing director of the monetary authority of singapore, at mas ’ annual report 2015 / 16 media conference, singapore, 25 july 2016. * * * good morning. welcome to mas ’ annual report media conference. economic growth the global economy is headed for another year of lacklustre growth. recovery in the advanced economies is hesitant and uneven. economic activity is slowing in the emerging market economies. the imf has just released its latest projection for global gdp growth in 2016 – at 3. 1 %. this is the same as last year. mas is closely watching these developments, especially three factors that are key to the growth outcomes this year : one, brexit and its implications ; two, the shape of the recovery in the us economy ; and three, slowdown in the chinese economy. the uk referendum vote to exit the eu will have an impact along several dimensions : first, on financial markets and possible consequences for financial stability ; two, on investment and gdp growth in the uk, with potential spill - overs to the eu and beyond ; and three, on political and social developments, and what they mean for globalisation. brexit ’ s impact has been most keenly felt so far in the financial markets. this is to be expected as prices need to adjust to reflect the new reality of a uk that is outside the eu. so, exchange rates, bond yields, and equity prices have all seen sharp movements as markets search for a new equilibrium. uncertainty prevails over exactly when and how brexit will take place ; we can expect recurrent bouts of market volatility in the months ahead. central banks across the world have said they will do what it takes to safeguard financial stability and maintain smooth functioning of their markets. we expect the global financial system to stay resilient, given ample liquidity and the generally stronger balance sheets of banks. but the uk economy is expected to take a hit and there will be some fallout on the eu. uncertainty, especially over the terms of the uk ’ s exit from the eu and its future access to eu markets, will weigh on business confidence and investment spending. growth in the eu will be weighed down by brexit, on account of its significant trade and financial linkages with the uk. this in turn is likely to have a small dampening effect on global growth. the political and social implications of brexit could have more significant economic consequences