Madam Speaker, with regard to part (a) of the question, I am informed by the FSC that the Regional Centre of Excellence (RCE) was established in March 2019 following an MoU signed between the Government of Mauritius and the OECD in September 2018. The RCE operates under a governing board which advises on strategies and actions to be adopted. The objectives and mandate of the RCE are – (i) to deliver capacity building programmes aimed primarily at the financial services regulators and law enforcement agencies from the Southern and Eastern African region; (ii) research topical areas relevant to financial services and financial malpractices for the regional market, and (iii) advice on minimum standards as regards best practices, guidelines and principles that must be introduced at the regional level. The RCE offers all its events free of charge. Mauritius is the only country in Africa, through the RCE, where the OECD has a dedicated framework of cooperation in respect of the financial sector. Madam Speaker, with regard to part (b) of the question, I am informed by the FSC that the RCE has, as to date, carried out the following activities in accordance with its objectives – (i) in terms of capacity building, it has carried 17 workshops in collaboration with the OECD and one event with the CFA Society Mauritius. (ii) from November 2020 to June 2024, some 6,530 participants from approximately 113 countries have been trained. (iii) in terms of trainers, 111 trainers delivered virtually and 81 trainers provided training in person.

79 With regard to the second objective of research and advice on policy, on the basis of the workshops carried out, information gathered and research carried out, four publications have been issued in relation to the events hosted by the RCE – (i) the blockchain adoption in Africa trends in market activity and policy development; (ii) open finance in Africa and open banking in Sub-Saharan Africa; (iii) FinTech lending in Sub-Saharan Africa, and (iv) sustainable finance trends and development in Africa. Madam Speaker, with regard to part (c) of the question, I am informed by the FSC that the annual expenditure of the RCE amounted to Rs8,691,146 and Rs6,719,505 for the years 2023 and 2024, respectively. These were co-financed by the FSC and the Bank of Mauritius at 50% each. These excludes grant agreement signed with the OECD. The amount, I am told, cannot be divulged as it is part of a grant agreement between the OECD and the FSC. Madam Speaker, with regard to part (d) of the question, the RCE operates under strategic oversight of its governing board which reviews and approves its activities and associated costs. I am also informed by the FSC that the RCE’s budget is subject to a two-tier approval, namely by the RCE governing board and subsequently, by the FSC Board. Thus, ensuring accountability. It is also important to note that the OECD has a strict budget reporting regime, internal controls and accountability mechanisms which are applicable to its financial management structure and system, and ensure that the expenditure of public funds is transparent and represents value for money. Madam Speaker, with regard to part (e) of the question, I am informed by the FSC that the MoU between the Government of Mauritius and OECD was signed in September 2018 for an initial duration of two years. Thereafter, it has been extended in October 2020 for a duration of five years ending September 2025. Thank you.

Thank you, hon. Minister. Mr Rookny!

80

Madam Speaker, can the Minister please confirm that the transparency requiring OECD is now requiring secrecy about a grant given to FSC?

It is the other way round, if I am not mistaken. The grant given by OECD to the FSC or the other way round?

From OECD to the FSC.

Okay.

So, the grant is provided by the OECD to the FSC to finance partly the operation of the research centre. But I have to get legal advice. I have been told that, legally, we are not allowed to disclose the amount.

Of the grant agreement.

Yes!

Okay. Yes!

Madam Speaker, can the Minister advise if 17 workshops over the last six years could be considered as meeting the objectives of the RCE?

I will need to come back on that, Madam Speaker. It is a judgment that we will have to make on whether the sessions that have been held meet the objectives.

Of course!

It is a judgment that we will have to make.

Of course! Mr Rookny, is that enough? Are you happy this time?

(Interruptions)

Now, Mr Caserne, hon. Third Member for Port Louis North and Montagne Longue! RING ROAD PROJECT, PHASE 2 & 3 – IMPLEMENTATION