I'd just echo the points the previous speaker just made.
I think there's a danger. If I may, I think you're falling into that danger of this idea I posited of the risk of asking the leopard to grow stripes. In my mind, the DFI is not going to be in villages, supporting in a very direct way. In no sense is that going to be, as the previous speaker said, a big proportion of its portfolio.
For some of the bigger financial institutions, some of the bigger DFIs, their portfolios and their footprints, as it were, are so large that if you wanted to show a focus on women and girls, or if you wanted to show a focus on climate, or if you wanted to show a focus on agriculture and climate, it would be pretty easy to show that. IFC is an example. I'm not saying that there isn't a substantive focus there—there is—but it's also scale that's at question here, in terms of how much and what you're going to do.
Really, again, I'll push back with the element of risk. There is this danger of pushing DFIs to act more like aid agencies than like institutional investors. We should try to remember or at least keep in mind, when we're thinking about mandate, what we are aiming for here. Are we aiming for another aid agency, and if so, why? Or are we aiming for what DFIs really do? They catalyze private finance, which is a limited-use case, if you will.
Really, there are points I made about supporting local capacity, specifically in the financial sector, building the financial sector capacity, even something like building land titling and so forth so that you have better tenure systems. Those are a prerequisite to having a property market that is stable, and that's a prerequisite to having a mortgage market, which is a prerequisite to having future investment in real estate investment trusts. These things don't exist in most of the developing world, so we have to think in a long-term, big-picture sense. We have to pick areas in which that gestation is long and broad rather than giving in to the temptation that, just because we're calling one thing “feminist” we should try to show the direct one-to-one linkage that every investment is feminist.
We need to remember that with the macro impact of DFIs, there's a potential to move the needle in terms of driving investment, driving productivity, and driving growth over the long term. That ought to be the focus, rather than looking to just celebrate projects.