measure to support strengthening the foundations for economic growth the critical challenge facing the japanese economy is to raise the potential economic growth rate and productivity. this can be achieved by exploring new areas of growth, and private firms, on their own initiative, should play the primary role in this regard to survive competition and attain growth. however, taking into account that the diminished growth potential of the economy is one of the fundamental problems underlying deflation in japan, the bank concluded that an effective way to use its functions as the central bank was to provide support to strengthen japan ’ s future foundations for economic growth from the financial side. the bank expects that this measure will act as a catalyst and provide support for the efforts made by private firms and financial institutions on their own initiative. based on this thinking, the bank decided in june 2010 to introduce the fund - provisioning measure to support strengthening the foundations for economic growth, through which it provides long - term funds at a low interest rate to financial institutions that are making efforts in terms of lending and investment toward strengthening the foundations for economic growth. this measure extends loans with maturities of up to four years at a low interest rate equivalent to the policy interest rate to financial institutions for their lending and investment in a broad range of areas and types of business that will eventually lead to the strengthening of the foundations for economic growth. the first new loan disbursement was carried out in september 2010, and loans totaling 462. 5 billion yen were disbursed to 47 borrower financial institutions. the average amount per lending or investment project to be financed by such loans was 360 million yen, and the average duration of lending or investment projects was 8. 2 years. funds were provided to a broad range of areas such as “ environment and energy business, ” “ development and upgrading of social infrastructure, ” “ medical care, nursing care, and other health - related business, ” and “ regional and urban revitalization business. ” the second new loan disbursement will be conducted in the near future, and a significant number of financial institutions, about 140, have applied for the measure. some financial institutions have already started actively exploring potential demand on their own initiative, bearing in mind their future utilization of the measure. the bank therefore believes that the measure has made a rather good start, in that it has prompted financial institutions to explore new areas of growth in line with its intended purpose. bis central bankers ’ speeches b. comprehensive monetary easing policy next, i will talk about the

caroline abel : financial inclusion policies for the youth in africa what have we learned so far? opening remarks ( virtual ) by ms caroline abel, governor of central bank of seychelles and chairperson of the african financial inclusion policy initiative, at the afi regional webinar on " financial inclusion policies for the youth in africa - what have we learned so far? ", 21 february 2023. * * * distinguished guests, participants, greetings to you all, i am pleased to be given the opportunity to deliver the opening remarks at this webinar on financial inclusion policies for the youth in africa. young people are the agents of change and can transform how the future generation manages their livelihoods and drives economic development. according to the united nations, there are approximately one billion young people in the world, accounting for 18 per cent of the global population. in africa, the youth represents 60 % of the continent's population, with a rapidly growing trend, and it is estimated that the continent will hold 42 percent of the world's youth by 2030. such figures highlight the potential for young people to make meaningful individual and collective contributions in their respective countries and globally. today's youth are already making their voices heard and partaking in decision - making on various issues of interest and importance to them, ranging from education, health, politics and climate change, to name but a few. they are also showcasing their potential as innovators and entrepreneurs. nevertheless, there is still room for improvement to ensure that youths are included and empowered to develop their full potential. while the challenges that youths face differ from country to country, fostering access to financial services is a common challenge. low financial literacy, legal restrictions, difficulty in accessing financial products and services for various reasons such as high transaction costs and difficulty in accessing loans as young people are sometimes considered high - risk customers due to limited savings in their accounts have been identified as some of the factors hindering youth access to financial services. these challenges highlight the need for targeted financial education initiatives and financial inclusion policies that can effectively address pertinent issues and realities faced by the youth. in this regard, regulators and policymakers have a crucial role to play in creating a conducive environment to promote youth financial inclusion by improving the regulatory frameworks and designing more inclusive policies. the transformation that the financial sector is going through, including the accelerated introduction of digital financial services and products, also presents opportunities to advance youth financial inclusion and inclusive growth, given the tech