These are off-the-cuff figures, but let's say $300 million over five years. Let's assume that the operating costs are modest. That $300 million, if you divide it by five, gives you $60 million annually. If you then have a 5:1 leveraging ratio, you want to raise another $300 million or so annually to give you a $350-million to $400-million lending capacity.
There are two ways you can do it, and they're not mutually exclusive. One is to have the DFI itself float bonds and in fact raise the money, and then use the money as it sees fit through its various project investments. The second way—and the IFC operates this way, as well—is to go out and look for other partners on a project-by-project basis. The latter is more labour-intensive, but it is often more effective because it gets you the right partnerships in each case. Bear in mind what I said. It's not just the money. It's the non-financial expertise that often makes or breaks these kinds of projects.
Early on, I think the DFI will have to make a choice. If it wishes to float a bond, I think there would be demand for it. There would be institutional investors who could be tempted into doing it. That would increase its core lending capacity, and then on a project-by-project basis it could achieve the rest of the leverage.