Local capacity, as I mentioned, is tremendously important. I'm not sure I could say that local ownership is as important as local capacity, in other words, ownership of a microfinance institution as a private sector institution. Often they are commercial entities that are shareholder owned. In those cases, the shareholders may very well be external agencies or individuals.
Generally, when they are individuals, they are local to that country. They are nationals. When they are external agencies, of course, they can provide a major infusion of capital. I'm referring actually to official development assistance agencies and multilaterals, not just bilaterals but multilaterals like the Inter-American Development Bank.
There are also a large number of what are called microfinance investment vehicles. These essentially are pools of capital that individuals have put together into a company. That company then makes equity investments or loans to microfinance institutions. When they make equity investments, they take an ownership position.
So far, I don't see that that's problematic, as long as local management in fact is nationals and they have the capability to run a good organization that can achieve the objectives of the organization.