Flows of overseas trade, investment and finance have played a major part in shaping the development of the British economy, creating a highly international business and financial environment here in the UK. But links to the global economy have also been strengthened by globalisation, which has reinforced international linkages across the world economy as the global economic system has become more integrated and interdependent. 2  1  Key global economic disturbances over this period include the Asian crisis (1997/8), the bursting of the “dotcom” bubble followed by the impact of 9/11 and war in Afghanistan and Iraq (2001–3), and oil and commodity price volatility in the mid-2000s. 2  I have discussed the impact of globalisation in more detail in earlier speeches. See, for example, “Monetary Policy in Turbulent Times” (21 April 2009) and “Energy and Environmental Challenges in the New Global Economy” (21 September 2009), both available on the Bank of England website: http://www.bankofengland.co.uk/publications/speeches/speaker.htm#sentance. BIS Review 33/2010  1  The performance of the global economy is therefore critical to the prospects for UK recovery. And it is therefore very encouraging that the global economy has bounced back strongly following the sharp contraction in output and trade in late 2008 and early 2009. As Chart 1 shows, the growth of world GDP in the second half of last year has returned to around its prerecession growth rate and world trade has also bounced back strongly. This recovery in the world economy appears to have continued into the early months of this year.
Bwalya K E Ng’andu: Improving access to finance by the SMEs in Zambia Remarks by Dr Bwalya K E Ng’andu, Deputy Governor (Operations) of the Bank of Zambia, at the Signing Ceremony for a credit line of $ 5 million between NORFUND and BancABC Zambia, Lusaka, 1 December 2011. *  *  *  YOUR EXECELLENCY, THE NORWEGIAN AMBASSADOR, MR ARVE OFSTAD; MEMBERS OF THE DIPLOMATIC CORPS PRESENT; THE CHAIRMAN OF BANCABC ZAMBIA LIMITED, MR. CHANDA CHILESHE; THE MANAGING DIRECTOR OF BANCABC, MR. DANA BOTHA; HEAD OF THE NORFUND SOUTHERN AFRICAN OFFICE, Mr. DEEPAK MALIK; DISTINGUSIHED INVITED GUESTS; MEMBERS OF THE PRESS; LADIES AND GENTLEMEN. Let me begin by thanking BancABC for inviting me to be the guest of honour at this very important event, where we will witness the signing of a credit line worth US $ million between BancABC and the Norwegian Investment Fund for Developing Countries (NORFUND). It is pleasing to know that the credit line to be signed this morning is specifically tailored to provide financial support to Small and Medium scale enterprises (SMEs). The development of the SME sector and its potential to contribute to aggregate productivity growth, economic growth and development have been stifled by the generally limited access to finance. The credit line to be signed today is an important milestone in improving access to finance by the SMEs in the country. Equally as important as access to finance is the price of financing that is placed at the disposal of SMEs.