Chairperson, I am happy to state that “Banking on Health”, with support from the U.S. Government, has worked to address some of the barriers to credit by providing market research information on the private medical sector to commercial banks and microfinance institutions so that they can understand the business characteristics of the sector. The financial management training that Banking on Health provides to health businesses also lowers the risk of lending to these borrowers. Ladies and Gentlemen, let me end by pointing out that the challenges arising from the global financial and economic crisis are huge but surmountable. Major economies of the world are putting in place various stimulus packages, which are expected to take the world economy out of the crisis. Without doubt, these measures will benefit emerging and developing economies as well, provided that we remain committed to pursuing strong socio-economic policies. Although the global financial crisis has negatively affected the Zambian economy in many respects and presents serious challenges to maintaining the health of the economy, macroeconomic stability has been maintained. The Bank of Zambia has continued to monitor the global developments and take appropriate measures to maintain confidence in the banking system and avoid systemic risk. It is important to note that despite the crisis, there still remains investment confidence in the Zambian economy and one example of this is the number of new commercial banks that have commenced operations in Zambia in the last 12 months.
In the process, the private sector gets to mitigate the climate risks of its own assets while at the same time seeking reasonable returns. By doing well, we also aim to do good. As an international financial centre and a green finance hub, our vision is to play a big role in harnessing the power of finance to support the transition efforts in the region. The vision is underpinned by our strong commitment and concrete actions that help create a conducive ecosystem where climate financing can scale, and bring about desirable opportunities and outcomes for the financial sector. A vibrant and competitive climate finance ecosystem needs to be underpinned by a few other critical elements: standards, data and, above all, talent. The work requires leadership from the public sector and partnership with the private sector. In all these areas, the HKMA is joining hands with Government agencies, fellow regulators as well as stakeholders from the financial sector, academia and business community. Much of our joint effort is coordinated through the Cross-Agency Steering Group on Green and Sustainable Finance co-founded by the HKMA and the SFC. 1/4  BIS - Central bankers' speeches  First, on standards. A common set of green standards, to the extent possible, is important to enhance the transparency, comparability and efficiency of climate finance. Hong Kong is a front runner in setting regulatory requirements for the financial sector.