If I may, I would add a couple of things on the hardest countries. In a way that's almost been CDC's specialist subject over the last six years. Actually, we now have a portfolio that has significantly more weighting to the hardest countries than any other DFI does. We've done that pretty much from a standing start six years ago.
It is hard, though. First, there aren't many immediately investable opportunities in these countries. Let's take, as an example, Ethiopia, actually, which isn't the hardest, by any means, of the countries that we invest in. In the U.K. there are 10,000 businesses with revenues of more than $50 million. In Ethiopia, I think it's seven, so you can't get off a plane and say, “What established, relatively safe businesses can I grow here?” The other thing is that you get off a plane and these are really difficult environments. You need to build up networks of trust and a reputation that the right people will come to you as well, and this takes a long time. It's very easy in these countries to make a misstep, and once you're stuck you don't have legal redress in most of these countries either. It takes time.
In lots of ways it's easier to work with established businesses to encourage them to start businesses in these hard places than it is to try to build what is already there. We've been pretty successful with that as well.
I'll stop there. It's doable, but it takes a lot of effort. A lot of the things we invest in take a year or two years from when we first see them, when they're totally uninvestable, to the point of saying that we've now shaped it well enough that we can put our money behind this.