If I may, Mr. Sidhu, first of all on CDC, it's just worth googling CDC, and I'm sure Diana won't mind my saying this, just to see how controversial the kinds of decisions she's been talking about can be, and why it is so important to have the political cover that she talked about.
CDC was very much criticized for a number of reasons. The level of remuneration to the fund managers was one issue, but there was also exactly this issue that you've put your finger on, which is where is the money going? There have been periods in the past where CDC money has gone disproportionately to not the poorest countries—let's call them that—including India and China, and when it's also been used for investments that don't look as though they're tremendously poverty reducing. There has been a big debate in the U.K. about whether investing in shopping malls in West Africa—in Nigeria, I think—counts as a poverty-reducing investment or not, though a key lesson from that experience is that you need a crystal clear investment strategy that is consistent with the overall mandate of the new feminist development policy in Canada, and that will shape both the geography and the sectoral content of the program.
Now, Paddy made a really important point. With the amount of money you have available, you're not going to be a retailer, or it's very unlikely you're going to be a retailer, or if you are a retailer, you will be a kind of large NGO in a Canadian context.
What DFIs bring to the table in a multi-donor and multi-actor context is a kind of virtue signalling to other potential investors. The fact that the new DFI has given its seal of approval to a program means that it's okay for other investors to come in. Where that is particularly useful is in the poorest countries and in fragile states, because that's where many private investors find it hard to get information and where the risks look, at least, as though they are much higher. Having the imprimatur of the DFI means that it looks plausible that other people will come in, in some form of either co-partnership or blended finance.
In order to perform that role, you need to know the markets and you need to know the political and social environments in which you are working. I think one of the most important jobs that DFIs do is, through their due diligence work, make sure that projects are up to scratch and that intermediaries are up to scratch. That's really hard, and one of the things you are going to need in your new DFI is a group of people who can carry out that kind of analysis.
My final advice would be to not open yourself up to the criticism that you have a new DFI and that all it is doing is investing in casinos and shopping malls in relatively wealthy countries. That's not why Canada wants to have this institution, so you need to write the investment strategy in such a way that you make sure the money and the effort and the intelligence go where you want them to.