in remote areas, even during the monsoon season. the project not only builds and upgrades markets, but also significantly boosts sales of agricultural produce and enhances access to inputs. additionally, ccrip enhances climate change adaptation capacity and promotes employment opportunities and gender empowerment. ccrip demonstrates the power of collective action in addressing specific national economic issues or local community development, and therefore sets a compelling precedent for malaysian dfis. instead of working in isolation, dfis can leverage pooled 1 / 3 bis - central bankers'speeches resources and expertise to jointly deliver targeted support, catalyse effective infrastructure development and drive transformative change. secondly, dfis can use blended finance to mobilise both public and private capital, specifically targeting near - bankable projects with significant economic spillover. by blending different sources of capital such as government grants, concessional funds, and private capital, the project risks can be diversified to align with the risk appetite of each capital provider. an example of a successful blended finance is the philippines water revolving fund ( pwrf ) 3. pwrf is a co - financing facility by the development bank of the philippines ( dbp ) in collaboration with japan international cooperation agency ( jica ) and usaid to incentivise commercial banks to lend to the water and sanitation sector. key features include a sovereign guarantee by the philippines'department of finance, a credit risk guarantee by a private guarantor, and technical capacity building programmes in water project appraisal for inexperienced lenders. the fund has successfully channelled over usd 234 million towards 21 water and sanitation projects, with approximately 60 % crowded in from commercial banks. as a result, roughly 6 million people now have improved access to piped water. this success story exemplifies how blended finance can unlock private sector participation and generate positive economic and social outcomes. thirdly, dfis have the capacity to influence government policy to build long term solutions. given dfis'wealth of expertise and a holistic understanding of the sectors and segments served, as well as close affiliation with government bodies, dfis are wellpositioned to surface pain - points and advise governing bodies on suitable policies to achieve climate goals. a good case of policy additionality is the melaka green city action plan ( gcap ), developed by the melaka state government with technical assistance from the asian development bank ( adb ) 4. through this policy, the melaka state government was able to reduce carbon

by more than the bank had expected, with more muted price pressures across a wide range of goods and services, consistent with the unexpected increase in excess capacity. bis central bankers ’ speeches • total cpi inflation has also been lower than anticipated, reflecting developments in core inflation and weaker - than - projected gasoline prices. • total cpi inflation is expected to remain around 1 per cent in the near term. it is expected to rise gradually, along with core inflation, to the 2 per cent target in the second half of 2014 as the economy returns to full capacity and inflation expectations remain well - anchored. • despite the reduction in global tail risks as a result of a series of actions by european and american authorities, the inflation outlook in canada is still subject to significant risks. • the three main upside risks to inflation in canada relate to the possibility of stronger - than - expected growth in the u. s. economy, higher canadian exports and renewed momentum in canadian residential investment. • the three main downside risks to inflation in canada relate to the european crisis, more protracted weakness in business investment and exports in canada, and the possibility that growth in canadian household spending could be weaker. • overall, the bank judges that the risks to the inflation outlook in canada are roughly balanced over the projection period. • reflecting all of these factors, the bank today maintained the target for the overnight rate at 1 per cent. • while some modest withdrawal of monetary policy stimulus will likely be required over time, consistent with achieving the 2 per cent inflation target, the more muted inflation outlook and the beginnings of a more constructive evolution of imbalances in the household sector suggest that the timing of any such withdrawal is less imminent than previously anticipated. with that, tiff and i would be pleased to take your questions. bis central bankers ’ speeches