It's important to distill it down to its essence. In many respects, the private sector.... These are individuals. These are human beings. These are human beings who actually don't know a lot about these markets, so ignorance is a huge issue to overcome, on the one hand. On the other hand, there are real risks that the private sector faces in these countries.
What does the DFI do, and what have DFIs been able to do? By having a local presence, this DFI will be able to leverage because it will be working with EDC as a wholly owned subsidiary of that crown corporation. It will be able to leverage its expertise as well as its network around the world, which is present in certain developing countries and therefore gives it access to regions. It will also work with other DFIs, which will obviously have offices in some of these countries. Over time, it will need to establish its own operational footprint globally.
It will be interesting to see how this evolves, but I can tell you that by being on the ground, you dispel and deal with the ignorance factor. By the same token, by being on the ground, you're actually able to more properly appreciate and gauge the risks—political or otherwise—by knowing who the actors are, knowing the regulatory and governance contacts, and so forth. You are then able to cost your services in the appropriate manner.
If I can draw a comparison with a commercial bank, commercial banks tend to want to see the return over a certain period of time, whether that's a three- or five-year horizon. DFIs have tended to use loans in a very patient manner, so this notion of patient capital—expecting a return after 15 years, so the time horizons are quite far—is the type of support that these organizations require. They are operating in fluid situations, if we can call it that, in developing country contexts and so forth, and they need that type of long-term support and partnership.