. about two years ago, most of our countries concluded the second phase of the general data dissemination system ( gdds ) project which was aimed at improving the availability and quality of data, in developing countries. this was important in order to conform to international standards. some of the major achievements of the monetary module of this project include the correct classification of key financial assets and liabilities and sectorization of transactions for the main deposit taking institutions in our financial sectors. the end result was the compilation and filing of standard reports by most of the eac countries with the imf statistics department. bis central bankers ’ speeches again i recall that towards the end of last year, the imf approached most of our countries to consider joining the enhanced data dissemination initiative ( eddi ). the focus of the eddi is to consolidate the gains realized under the gdds while expanding the institutional coverage in statistical compilation to include other deposit taking institutions such as saccos and microfinance ; and other key financial sector institutions such as pension funds and insurance companies. i am aware that the work plans were prepared during the first eddi workshop in kampala and the imf has identified technical experts for each of our countries. this workshop is therefore part of the greater plan towards the improvement of statistics in the region by the imf. i wish to sincerely thank the imf for these initiatives. it is only appropriate at this juncture to recognize, ladies and gentlemen, the critical role that the eac secretariat has played in providing an elaborate roadmap on how statistical harmonization can be achieved within the eac region. however, for this to succeed, an appropriate mechanism, in terms of institutional arrangements and legal frameworks, has to be put in place to guard and guide the production of harmonized and quality statistics in the eac partner states and more importantly, at the regional level. these statistics will inform policy formulation and implementation in the integration process. all countries have their own data collection, storage and processing centres. it is a question of how we can pick the important aspects from our own areas for use, standardization and centralization. ladies and gentlemen, in concluding my remarks, i welcome you once again to kenya and to this workshop. though the duration of the workshop is short, please find time to visit some of our beautiful sceneries around town and sample what the city of nairobi has to offer. it is now my pleasure and humble duty to declare this workshop officially open. thank you. bis central bankers ’

njuguna ndung ’ u : sustainable finance initiatives across the kenyan financial sector remarks by professor njuguna ndung ’ u, governor of the central bank of kenya, at the technical experts convening on long - term sustainable finance in kenya, nairobi, 11 february 2015. * * * dr. achim steiner, executive director, unep ; mr. manuel moses, regional head, ifc africa ; distinguished participants ; ladies and gentlemen : it is my pleasure to welcome you to this convening together with my co - host, dr achim steiner. my thanks go to dr. steiner and mr. manuel moses for putting together this forum. our meeting today follows yesterday ’ s convening with chief executive officers and leaders of regulatory agencies from the financial sector. ladies and gentlemen : i was impressed at the level of enthusiasm and ownership of sustainable finance by the ceos at yesterday ’ s convening. we should also be proud of the already budding sustainable finance initiatives across the kenyan financial sector ranging from banking, insurance, capital markets, retirement benefits and asset management. these initiatives will be shared with you in the course of today. my key takeaway from yesterday ’ s convening is that there is high level support at ceo level for sustainable finance in the institutions represented here today. ladies and gentlemen : wearing my dual hats as a central banker and regulator, let me underscore that sustainability lies at the heart of our decision making. as a central bank, we take the view that we need to go beyond our traditional mandate of price and financial stability. in emerging economies such as kenya, it is imperative that central banks also act as market development agents. in this role, central banks support development of financial infrastructure, strong institutions and a conducive policy environment. it is this underlying philosophy that has guided us in execution of our mandates that i will now turn to. first, stability of domestic prices creates an environment of certainty. the market formulates long term solutions based on this certainty. when there is uncertainty, the market develops a waiting option and slows down economic activity. a waiting option is not sustainable. ladies and gentlemen : second, we can only talk about financial sustainability when the financial markets are accessible. financial inclusion will lead to financial development and open discussions about policies for financial sustainability. several initiatives in kenya for financial inclusion include : • introduction of mobile phone financial services, • introduction of the agency banking model and currency centres to lower the cost