Unless the shareholders of the Canadian DFI push the DFI to go into more difficult places, the temptation will always be to do telecoms deals in Brazil. It's easier to do. If you're the investment officer, one of the things is how you're graded. How do you get promoted? You get promoted by pushing money out the door. It's a volume business.
The new DFI has to grade its investment officers, not just on the money that it pushes out the door, but on specific kinds of projects. IFC, for example, has been pushed hard by its shareholders, including Canada, to do more in places like Haiti and sub-Saharan Africa.
The one thing I wasn't able to mention in my testimony is that I would not be surprised if the DFI comes back to this committee and to Parliament and asks for more than $300 million. If you're going to ask them to go to more difficult places, you're going to have to accept higher risk—probably less than a full market return—and you're probably going to be asked for some additional capital.
I'm not saying you're going to lose all of that money, but they're going to use some of that money either for technical assistance or for additional projects. I think you're going to have to insist, you're going to have to push, and you're not going to see full-on market returns. If you're going to be investing in Mali, it's a very different conversation from investing in Brazil.