 EVP at IFC as well as the CEO of IFC, it's the private sector arm of the World Bank Group. I have a very good friend of mine, Peter Woike, who's the former managing director of the World Bank Group as well as the former EVP at IFC as well as the former CEO of IFC. And he has a senior advisor here at CSIS who's going to introduce Mr. Jin Young-Sai. And Mr. Jin Young-Sai are going to sit down and take a seat while Mr. Woike introduces Mr. Jin Young-Sai. And I want to welcome you all to this discussion, which is a chevron form. And I want to thank my friends at chevron. Thank you very much. And so I think I'll leave it at that. Peter, please come on up. Thank you, Dennis. It's a usual pleasure to be here at CSIS. And I think we're very lucky and happy to have Jin Young-Sai here today. As you probably all know, the IFC is by far the largest provider of equity and loan capital to the developing world of any development institution. And the CEO always can influence very much what the IFC does. Let me just start with a very brief story. When I received a hot-hunter call in 1998, whether I would like to run the IFC, first thing I called my wife and said, would you move with me to Washington? And the second one was to an ex-managing director of the World Bank, who J.P. Morgan had hired to introduce us to governments. And I said, look, I might have the chance to run the IFC. What do you think? Should I do it? And he said, no, I wouldn't do that. Having worked for 29 years at J.P. Morgan, you don't want to enter a bureaucracy. And then he said, but you know, on second thoughts, do it, because you're actually sitting on top of the democracy. Thanks a lot. And you can achieve a few things. I actually believe that most of the IFCs have put their imprint on the IFC over the years. I was very lucky to change the business model at the IFC. We were forced to do it because our revenues were disappearing slowly but surely from companies in the developed world into the emerging markets to provide political risk. We massively went directly into the emerging markets. We transferred our people there and started making investments directly to local companies. And we provided loans to local companies. That was actually much more fun, much more exciting, but also made the IFC interestingly much more profitable than it had ever been before. Now, of course, it's not that easy for a CEO because you have to watch out for important stakeholders. The stakeholders are the shareholders in the form of a permanent board here in Washington. And I think if you convince these shareholders and if you convince the board and if you are nice to them, you can achieve quite a bit. Then, of course, the powerful NGOs as stakeholders and I felt always that it is important to listen to them because what they had to say about our projects in terms of sustainability was important and I think the IFC has done a lot in terms of fostering sustainability of companies in developing countries. And of course, then there's the World Bank as a stakeholder, the president. And here I'm particularly looking forward to hear from Mr. Sai what he has to say because as you are aware, there's an effort which will merge the IFC into the World Bank or the World Bank into the IFC, however you look at this. This has been tried for many years. When I was head of the IFC, there were also efforts in the World Bank to work closer and I would almost call it to absorb the IFC. I think a very good integration is probably an excellent thing for the World Bank Group. At the time when I was head of the IFC, I refused to do it because our thoughts were still far too much apart. In fact, when I started the IFC, there were some serious people who thought that the private sector could not much contribute to development in poor countries. That of course has changed dramatically. Jin Yong has already, I can see and what I've heard, made his imprint of the IFC. He started as a young professional at the World Bank and then worked over the last years as an investment banker. He has experience in developing countries and from all what I've seen, he's a powerful, not totally uncontroversial dealer in the IFC, but I think one of the important ones for the future. Jin Yong, it's a pleasure for us to have you here. Thank you. You either sit here or do it there either way. Peter, thank you for that kind introduction. You know, I started in IFC October 1st, 2012 and before that about 10 months ago, I got a call from Headhunter as well saying, hey, there's an interesting opportunity. Are you interested? And I didn't spend any effort to convince my wife. She was very happy to come back home, so I have an American wife. We actually met in the World Bank, so in a way, the World Bank group kind of made my career. And so coming back to this institution, I think there are a few things that have changed. I remember I grew up in China and at that time in the early 80s, under Deng trying to find a way on economic reform. And the World Bank was instrumental and there was a couple of gentlemen. I always remember not only kind of a help Chinese in navigating the reform and also really helped a lot of them to me on my career. Peter, you would not remember him. And also Kyle, right now he's the vice chairman of Deutsche Bank. So fast forward, almost 20 years, I returned to IFC. The world is a different place. And I just want to give you a quick snapshot on what we are doing. I remember when I just started, I looked at all these great leaders before me. I thought I got to find a way to further build this great institution. And when I started, you know, 2012, IFC I think has a historical year in terms of what we call the commitment volume. Basically, you know, the commitment where we prepare to finance. It's not the same as how much money you send out the door. It's about $20 billion a year just roughly. We had about $70 billion balance sheets at that time. And, you know, right now we have $85 billion. So over the last couple of years, we increased $15 billion. And about $20 billion, I was just roughly about a quarter, about $4 to $5 billion equity. You know, that would put us into one of the larger investors as a equity investor in emerging markets. And the rest of it is a loan in the fixed income products. And at the beginning, it's about $15 billion. It's pretty impressive. But we look, we analyze it. And I would say about 60% of that is long-term financing and 40% is trade finance short-term. And these are all interesting products. So for me, I would look at, this is where I start. What would be the thing new, useful? And how the institution to build to make IFC even more impactful? I don't know how much you know, you know, there's always this view or the World Bank, you know, you give free money is not, you know. The World Bank, I have IBRD, you know, the group has IBRD, which really they lend money to the government. The government has to provide a guarantee. IFC, we have different balance sheets. It's totally not guaranteed. We do finance based on commercial terms. And we are on our own, to be honest. If we screw up, you know, we would ruin our, the quality of our credits. That not the AAA is one of the myths in my view. We look at the risk of our investment projects and look at the geography and the product we get in. We are, you know, pretty lucky, we get the AAA and we have good performance year in, year out. There are only one year in 2009 we lost money. And most of the year, you know, like last year, we made more than billion dollars net income before contribution to AIDA. So that would put us, you know, kind of a return on ISS between 5% to 6%. It's a good, not good, if I were a private equity player I said this is pretty mediocre performance. But as a development financial institution, I think we have established a track record thanks to Peter and other leaders in the past really move the institution from, at the beginning, pretty much a simple lender to private companies to a institution with multiple products. So for us, the challenge or the opportunity is really what will be the next for IFC in the new world in which I will say there are several key features which is different from the past. One is the world is truly connected. Even in the most, you know, the poorest country, mobile phones there, and people can see the picture, the lives of someone in Paris or New York. So they use the poor people, in spite of their living condition, their aspirations are very different. They know what's going on. Second is the inequality, and for that matter, lack of opportunity. You know, the tolerance for that is much, you know, kind of less tolerant in this way. People have much less patience. When you think of what happened in Arab countries, for that matter, even in Ukraine, you see this disease in society, corruption, inequality, lack of opportunity. So when I think of all this new world and I think of the role of development institution like IFC, I think we have just critical role in terms of providing that opportunity, not necessarily just bring the money to the table. To be honest, $20 billion is tiny with the needs. It's more of using our brand, using our credibility, and to bring different pieces together to deliver the solution. So that's really how I see the future for this conversation. And I think we have done well, but the future, given the challenge, we still have a lot of work to do. And Peter mentioned about the World Bank change process. Jim, I don't know how many you have met him. He's a very inspirational leader. He looked at the world. He wanted the World Bank to become much more focused on providing solutions than just how many loans I send up. So how many times I went to the board to approve a project, which is still quite pervasive in our institution. We're still quite inward looking, even though the World Bank not only IFC and also MIGA and the Bank, we have a great brand. I think what Jim wants to do is to really try to figure out a way all the players in the group, we leverage on each other's capability to deliver more impactful solutions. And so that's really what's going on. I know we will talk more about this a little bit later. Great. Thanks a lot. Thank you for being here, Jin Young. So I thank you very much. I think, as I was saying earlier in the green room, I think that what IFC is doing is the future of development and it has the opportunity to meet the challenges of the future of development. And I think some of what Peter was saying earlier about the fact that there's been a total mind shift both in the developing world but also in development institutions about the private sector, I think has partially been a result of the success of organizations like IFC. And I think about what IFC has done in the microfinance sector, for example, or where you're the largest, I think the largest investor in the world in microfinance institutions. And if I think about the cell phone telephony sector, I think you all helped Moe Ibrahim become a billionaire by helping set up cell telephone, if I recall correctly, as well as setting up one of the first cell phone companies in Afghanistan. So you have been an important enabler of much innovation and connectivity around this issue of the world being more connected. One of the things I wanted to ask you is about the issue of infrastructure and logistics. We were also touching on that beforehand. When I think about IFC, it was an organization that was sort of built on project finance historically. Talk about the need for infrastructure, how you're supporting and catalyzing the role of the private sector in infrastructure. Perhaps I think there are synergies, certainly with MIGA and the World Bank as well. If you could talk a little bit about that, the need as well as how the bank group or IFC is responding to that need. Yeah, I mean infrastructure, particularly in Africa, actually beyond Africa, several very basic elements. Number one is access to energy. We have so many people, really just aggregate. 1.2 billion people in the world has no access to electricity. And in Africa, if you take South Africa away, less than, I would say, 30% people have access. So the rest, you know, 70% plus has no access to electricity. You can't do anything. I mean, really, I have been to quite a few countries. Sometimes you land in the evening, you drive the car, you know, the bumpy road, but more importantly, you see the people, young people just standing on the road and you say, what a waste. We got to deliver the electricity, which, in my view, is not like lack of money. There are plenty of money out there. And frankly, there are a lot of different ways to do it. And certainly, there are multiple elements needed to make this happen. So for IFC, since I spent a lot of time in investment banking, particularly I spent about 13 years in Goldman Sachs, I like to do projects which truly have real impact. And certainly, I'm not saying this smaller project has no impact. We got to do things in a coordinated way. And like in Africa, it's not just turning on the lights. It's important turning on the lights. We got to create an environment where Africans can develop their agriculture, manufacturing, they got to create jobs. So sometimes I get people saying, this load is hydro. And you can only do solar. As a solar, it's important. There's no question, let's put solar there. But solar cannot power real jobs, right? Let's be honest about it. And we need to find a solution, short-term, medium-term, long-term. At the end of the day, we are in the job of eliminating poverty. The best way to get rid of poverty is to create opportunity, sustainable opportunity, so people can make a living. So what do we talk about electricity? Another thing very critical is logistics. It's transportation. Africa, as a continent, there's literally no functioning in the real way except South Africa. You can't move stuff. I've gone through so many different forums, talked about, oh, let's do intra-Africa trade. And I have a lot of pineapple. You have this and that. You can't move the thing. This good agricultural product is rotten. No one's going to grow it. And certainly, with a huge amount of young, a lot of youth and a very young population, you need to create real jobs. So I think the sense of urgency for me and for our institution right now is really, I think, it's so much more than before in the sense we are focusing on a lot of projects we have been doing for years, but we are also waiting to spend time and efforts on some of the much larger and more risky transactions, such as Inga, I don't know how much you know. This is the dream for Africa. If we somehow can harness the power there... This is in the Congo. It's the hydro dam in Congo. It's a Congo river before it gets into the Atlantic Ocean. You have about 20 kilometers distance. The water drop of 150 meters. It's just the most ideal place to build a hydro. There's virtually nobody live there. And because the water is so rapid, you can't do shaping or navigation either. So this has been a dream for African for, I don't know, three decades, four decades. And if we somehow get this thing done, it's take about 80 to 100 billion dollars, two and a half times as three gorgeous. And Africa's energy, 60, 70%, 70% will be met with this one transaction. So we are spending time with our workbench colleagues and I hope if there's one transaction in my tenure in IFC, if we can break the ground on this, it will be fantastic because it has no emission. It's clean energy and it's just... It's not only... It's about three cents per kilowatt hour at a generation. If you add another five cents on transmission, it's the most competitive clean power you can imagine. It's a fabulous project. We stand ready to help you here at CSIS to help you get that done. That's fantastic. I hope that does happen. I've heard about Inga and I didn't realize how massive it is. It's massive. It's really... It's one of the things I hope with the World Bank group, all of us play a role. Frankly, we are going to finance a small portion of it. It's more of using our convenient power to bring different players together to make it happen. You may use the conversation on infrastructure, perhaps to have a couple of... To build on that on a couple of topics. You talked about... It's important just meeting the needs of countries where they're at and there's increasing demand and I agree with you. Could you talk about how you think about state-owned enterprises because I think this is also... Because I think this is relevant to this discussion. This is an issue particularly given... I'm very sensitive, conscientious about this because I'm from China. Some of the partners we're working with is Chinese state-owned enterprises. They're a lot of nervousness. This is how I look at it. I'm much more focused on what is the solution. In five years, can I deliver the electricity to Guinea? I was in Guinea as well recently. The whole country has about 120 megawatts. They've installed capacity. About 20 is only about 100 functioning somewhat. You go to meet the president on and off the electricity, it's just a disaster. There was a project, apparently some other people tried, and then certainly this happened before my time and a Chinese company eventually took over this project. It's a hydro. They literally finished ahead of time, six months ahead of schedule. So this 240 megawatts hydro power plant, about 110 kilometers away from the capital city. So we're scrambling, trying to figure out how can we build a distribution network. Otherwise, you have power ready, but there's no distribution. So the president is very nervous and asks for help. So in a situation like this, to be honest, I don't even care who is the state-owned, not the state-owned. People looking for solutions. If there is a power already built, I'll be very happy actually to work with EDF. We're trying to bring them in to really take a stake. IFC and EDF, we take a stake. In the distribution company. In the distribution company. And stop the stealing. To be honest, it's about stealing. 70% of electricity is stolen. As simple as that. So I'm much more focused on what is the solution I can deliver. We can deliver to the people, in Guinea or other places. Using the infrastructure as the... I'll use African infrastructure as just a key outfit again on a couple other questions. When I talk to folks in the U.S. government context and they talk about OPIC or catalyzing American investment in power infrastructure in Africa, one of the issues is the enabling environment or the rule of law. And one of the ways in which the World Bank contributes to that is through its investment climate work and the related doing business indicators. Could you talk a little bit about how the World Bank group thinks about investment climate. I think you have a window into that. If I recall correctly, there's Amiga, IFC and World Bank joint department. I don't know if that's been changed. Now it's still the same what we call a business climate department. Actually the joint IBRD, IFC, undertaking. We found that department really improve on corporate governance on doing business environment. It has been really making a huge contribution to build capacity. We'll continue to do that. Actually, if anything, this unit will be in the global practice. Actually, I think we are going to even continue not only support it and enhance it. Sorry, it's the minister, the former minister of commerce from Costa Rica. Exactly, exactly. So this is a big part of our offering and you mentioned doing business report. It's a very useful exercise and it's a product that's been going on for 10 years. What I found interesting is it gives a concrete target for the government in the area where they need to improve environment. Basics such as how many days do you take to get a license? How many days will take to get electricity connected? You know, there's no perfect measure but at least there's certain measurement in this exercise really helping the government to really get their focus on improving what I call actually it's not doing business, starting a business environment and we will continue to support it and about a year ago after Jim assumed the position because there are a lot of controversy on the ranking and there was an external panel did the evaluation, they made some recommendations. I think right now this will continue actually the 2014 report will be published in a couple of months in October and going forward there could be even more refined methodology and ranking and so on and so forth. So I think like all the other things we do it's not a panacea to solve all the problems but it's a useful tool for us to really guide the government in improving the business environment. Just again on infrastructure and I think about one of the innovations that your predecessor Lars put on the table which was the asset management company. Could you talk a little bit about what the asset management company is because I think it's related to this issue of the World Bank Group and IFC's ability to catalyze investment and to bring other players to the table and I think it's related to this conversation about infrastructure and power for example. As an asset management company has been around for about four years and now we have about $6.3 billion under management. And where is that money coming from? Well it's coming from some of the most the bluest chips investors. Literally you have some of the best some of the most funds and some pension funds and all in all I think has been a great success and the challenge for us is I mentioned about our balance sheets side of our balance sheets $85 billion our book value on equity only about 22, 23 billion is to be honest it's small vis-a-vis the risk we take but doing capital increase for IFC I think it's a complicated process. Meanwhile we want to kind of find different ways to be able to mobilize additional capital. So as a management company I think you know quite innovative in the sense it's the first time a multilateral institution managing third-party money it's required bigger culture change. You know for a lot of us in development financing business we think always result you know impact but actually you also have a fiduciary duty if you manage other people's money even though in our current business model without ASM management company we also have a fiduciary duty sure but because we're our fiduciary but a lot of time we forgot about it the AMC has been very helpful to put that dimension of thinking into our team and we have under the $6.3 billion we have different regional funds you know industry funds we recently closed the $1.2 billion global infrastructure fund which is equity fund I think in this environment particularly people are very nervous about emerging market to be able to raise that money and deploy it and it's a pretty good testament of the brand power. Absolutely, could you talk about the role of small meme size enterprises and how you all think about it I mean you used to have it in years past there was an SME department there's been technical assistance work to support small meme size enterprise how do you think about small meme size enterprise today? It's the critical focus remember I mentioned earlier what do we do? We create opportunities for people for creating jobs most of the jobs in emerging market are small and medium enterprises and the way we do that there was a very good piece of work completed a few years ago called the job study so we did a survey of more than 40,000 I think enterprises the conclusions could not be more clear and simple job creation requires broadly four things access to infrastructure particular power access to finance and business environment and skill training if you get these four things right in sequence and the jobs will be there because I always regardless you know that's very tweetable by the way I found it's a very simple summary on what we do what we do is the bottleneck each of the category what need to be done we have logistics we talk about business environment and by the way we invest in education the most recent example we invest in the school bridge school this is a fascinating story it's a school operated by a couple American couple and I remember when I got this document said we're going to go to the board we said Shandong may I notice lady once upon a time when I was in Goldman Sachs we were doing a community team work supposed to have to build a school in a bunch of Goldman Sachs band in China. I went to that remote place suddenly to saw this blonde girl I said what are you doing here she was teaching she was doing a PhD dissertation she you know she was in the education department in Berkeley on education for the poor kids now and she and her boyfriend now Jay and Shannon they build this bridge founded by Bill Gates Foundation a few others and us too and right now they operate a school with more than 100,000 students in Kenya $6 per month and the best thing they did is using technology to make sure the teachers teach as simple as that they observe in many of those rural schools teachers they are not inspiring they get bored they are not paid so they are quality of teaching is bad and the kids lost interest study so what they did is they have this technology with iPad every morning they gave them the teacher new contents and only when the teacher finished teaching there's a feedback on if they did their job or not so this school is doing great so events absentee exactly and really just it's fabulous and also invest in laureate which is doing a lot of vocational training so we invest in variety of things so come back to the job creation the four key elements you know we want to be playing a critical role at least taking a risk trying to not only invest in creating good business model also in kind of disseminating good practice into different parts of the world now recently this couple was awarded by the WEF as they you know the year of social entrepreneurship of the year or we're going to go with them to Nigeria to other parts of Africa we see our role is really to build that foundation for job creation which eventually you know come back to your SME question because there's nothing better by helping people to learn they can become their own boss and hiring people you know recently another example we did was we are very big on gender financing yes so we just together with Goldman Sachs and they have a 10,000 women program pretty well known yep so we are in the process of reaching 600 million dollars facility through multiple investors purely land to women entrepreneurs so they can with Goldman's training and come to us we give them the finance so they can go out to create jobs it's fantastic I really want to applaud what IFC has done over 10 plus years in the area of private schools and your example of I think Peter I think you were very involved with helping get that started at IFC where there's been a I think traditionally a little bit of a bias in the traditional development community about supporting private schools and slums and elsewhere I think IFC has taken a very brave stance in providing financing or business training to these institutions so I think it's very important and it's in line with what you were describing earlier I also think the sort of thought leadership you've done like such as the let's work report or some of the other reports that have been done on the side the role the for-profit health care sector in Africa and then other reports after that whether it's youth training in in the Middle East or with a water footprint work it's it so I do think this issue of thought leadership best practice your convening power it's it's it's very important to development could you talk about I suspect you get called into broader multilateral conversations whether it's the G20 or other sorts of multilateral for I suspect it certainly when I was at IFC there was sort of an increasing amount of demand for sort of either IFC's brand its catalytic finance power its advisory services or its thought leadership how are you being pulled into those into those sorts of conversations well I have never been used so many meetings in my whole life since I joined and much more a I think you know these are the interesting forum to discuss issues and to be honest there are way too many talkers and doers that's my observation so I want to make IFC not only be part of that process so we were in B20 and we are in variety of you know forum talk about you know what we do and also on some no public global issues that climate change no it's important issue and I have been working with my team we feel okay talking is great but not enough and so we are also kind of a based on the what we think where we can add most value to start to do things one example I give to you is I don't know if you follow much about climate change you should want the most amazing thing is the gas flaring in Nigeria you know this is perhaps Nigeria has one of the top maybe tops 10 at least top 10 maybe even you know higher ranked gas reserve in the world okay if you go to labels sometimes you know in the weather permit you can see this huge fireball if you fly over it's Nigeria has so much gas and the you know the oil companies Chevron maybe you re-injectively in the field but there's enough limit and so the flare and then you look at Nigeria as a country has no power something has to be done and apparently there has been different forum talk about how to stop the flare my own view is I told our team as a look they're having a lot of discussions and they're always at each of the conclusion of those meetings if the government is ready to do something we're ready to help so we have observed government has not been ready for a long time let's help us make them ready so I this is quite Peter I don't know if you know this we usually don't do this so we have have our team both the energy team and the local teams and look let's bring all the people together to figure out what do we need to do Nigeria has undertaken pretty brave reform on power sector they break the monopoly unbounded the power sector and based on my own experience I spent a lot of time in the industry as I look you can do whatever real reorganization at the you know power part of value chain if there's no incremental gas supply what you're gonna end up is yeah there are a lot of more players in it and it was my monopoly no power right now you have multiple players there's still no power guess what the price will go up it will be disaster for the population so I went to the president to and goes he said look there's critical thing we need to do we gotta fix this gas problem otherwise we're all going to be in bad shape guess what they are responding so fast so we were able to literally convene a meeting you literally have everybody yesterday in London still going on I have the minister petroleum everything we got to get this thing down so we have an action plan I take about maybe five to ten billion dollars just do some pipeline infrastructure there are a lot of other things I don't want to get too too much complication the thing I feel on this what you said there are a lot of interesting ideas I'm looking forward to working with my team the IFC in the area we can add value we don't become a discussant there also the executing doer the door so that's what we're hoping we'll get there you know it's nothing is easy you know otherwise this thing would have been down long time ago well I do think one of the great things about IFCs I think it's an institution that's often kept its head down and just done deals and sometimes hasn't gotten the full credit it deserves it certainly its shareholders know who they are and its partners know who it is but sometimes some of its broader stakeholders don't realize the importance of what it's doing I think in the last several years maybe the last five or six years it's certainly increased its profile and I'm so pleased that you're leading the institution because I think you have an important role to play and the institution itself has a very important role in the future of development so I think it's very heartening to hear all of this thank you I know we have time for a few questions and I know you've got it we got a hard stop at three o'clock you've got you got to go back to doing as opposed to talking so we should let's see who we've got here let's see so I'm gonna ask this gentleman here my friend back there and my friend from Palacio y asociados there so we'll start with those three hey I'm Nicola Montbriand the head of the Oxford International Office in Washington mean the same of the discussion is about the future of the IFC and sorry to talk about bad things but I just wanted to know from you there was this big case in January but the IFC investment in the non-tenant in Honduras the CAO report and things about the failure to implement your own standard I just wanted to see how this case change your vision for the IFC and how you're gonna change why don't we take this World Bank style and we'll capture three questions and then you have a chance to respond to this so then back there Dana Marshall with transnational strategy group I wonder if you could talk a little bit about the IFC investor excuse me the advisory services and creative ways that you may be able to reach out to private sector advisors here to sort of move in mutually beneficial directions and my friend here Eileen Boniface with Palacio and associates thank you Mr. Cy for your presentation and for your transformative role in including the private sector and the development world here in Washington how would you view the role of the U.S. and as we approach the end of the fiscal year and the appropriations process especially in light of good luck in Congress and the specific amendments that infringe upon priority projects especially DRC and how you anticipate changes in the next fiscal year. Let's talk about the end okay this is one of the quite famous case you know the story I don't know how much you know it was a loan we made to a client who owns multiple line business the loan we made was for a facility expansion to make soap okay on the existing site just additional capacity expansion and the discussion happened before there was a military coup so you know everything was agreed everything was fine you know things were stable and then there was a military coup certainly you know the new regime the government and a lot of farmers came back saying hey there's a problem there's a land dispute although that land has nothing to do with this particular facility and apparently if you listen to you know there are different version of stories and you know the owner of the land and the farmers eventually had a conflict and certain people quite a few people were killed if you listen to the owner said the farmer killed us first so we had a defense vice versa it's a tragedy no question about it and so looking back you know certainly you know it's a bad case we committed about 30 million dollars I think we only dispersed half of that and NGOs everyone was just really I understand the the kind of people are very upset and basically the headline uses IFC finance killers look we do about 600 all 600 transactions a year once in a while you make mistakes on this particular case I could say that we could have looked at the broader context certainly we could not predict the coup but we could have understood better on the dispute of the land you know really assess what are the risks right so that's really the lessons learned but the challenge for us is Honduras is one of the poorest country in Central America there are many other places really for those countries which can have a viable business most likely will be in agriculture because you know they have special kind of comparative advantage you know so and so forth so how do we deal with helping agriculture sector to grow become commercial credit wealth need a lot more thinking and need a lot more help from the World Bank colleagues that's where you know Peter mentioned about how this whole World Bank World Bank Group thing I'm not too sure we can solve all the problem but honestly if we were able to assess the land issue better we could have avoid a mistake okay on the advisory service we have over the years built a quite a diversified offering some of I have to be you know honest some are better than others you know we have some of the best expert in certain sectors they can not only advise on structuring on financing but they are true industry expertise they can literally help the small farmers or small companies to grow and you know if you know I have Lucas standing there you know if you have any particular you know just contact him he'll connect you are organized a little bit I'll say complicated but we do have a advisory service team not only in a standing alone stand alone form and also in each of the industry verticals so that's what I can tell you on the US I think you know US business in my view is our some of our best partners you know I talked about Inga my I keep I've been talking to quite a US company United States represented the United States is the world leader there's no question about it when US is there US companies is there there I feel the project will be structured better and that will provide a better transparency and it just could be a better deal I mean our US companies are going to be in all the transactions no we have to understand what their interests are and so we have to be selective we have to be able to what I call pitch the right idea to the red company and I'm not too sure in the US government has always been a USAID we work closely and you know other US governments agencies they're all very supportive but given our role is really working with the private sector our task is really working with US companies you know in places where you know I understand US companies are not going there for charity reasons and they are expanding their business market share that's that's perfect actually we feel you know we have had a good relationship we can do much more you know we are we have a active what I call the client coverage model we're going to cover more US companies to really demonstrate explain to them what's going on in different parts of the world and not only working with them we can also help the US company to build partnership with others good take a couple more questions okay my friend Bob Berg and Peter Bob Berg serial talk talk offender this the government to government aid industry has a club where they exchange information lessons learned and so forth but I'm wondering whether there's an adequate way of learning between particularly the China the Brazils the really some major players where in the private sector I'm wondering whether there's a way of sharing the lessons across the donors private sector work that could be more transparent and more interesting Peter I have a question perhaps because I'm not up to date anymore but I have to say that I'm kind of jealous when I listen to you talking about for instance Inga and your optimism I inherited a project when I took over the IFC which was called Bujagali I spent five years on it myself and it was killed in the end by the president because we had a slight corruption case there in the meantime it has been built how is your relationship with the NGOs I refer to it I had a sometimes rough relationship sometimes very helpful sometimes in the case of Bujagali not very helpful so why are you so optimistic so so let me just add to Bob's question I around this issue of a learning community I'm thinking of the development assistance committee which is the FIFA of the of the development world of the Major League Baseball Commission of the development world there is something like that in the development finance there's been some attempts at that maybe you might just also talk a little bit about that as well you know I came from a world where you know my education business is very much you have to think I have your clients and that you figure out who would be the most likely you have to think what they want this I'm talking about woman sex right I literally I know who are the potential partners I'm not saying I know 100% of them at least in this industry I'm focused on I don't know I mean they're all kind of forum right you can always go to Africa power and you know to be honest a lot of time people going to those conferences they're not a key decision-maker now they will go back to reports hey I just went to a conference and wonderful basically same message you know we you know as I mentioned earlier the IFC we but we go to a lot of conferences I said well you know I have never heard one person said I didn't have a good meeting a conference but that's not enough I'm very much focused on do you have the year of the CEO I have this thing I say knowing assistant treasurer is not enough okay assistant treasurer his mission in life is to squeeze you give you the lowest margin that you compete against others okay you got to go to CEO you got to understand what are the strategic imperative why they need to go to Inga for that matter okay I told some of the US manufacturers I said look this is going to go on for a long time how many turban you want to sell right and how many tractors trucks you need to sell you got to pitch to them even look all our businessmen they have their mission in life they work for the shareholder to whatever the reason we have to be able to really understand why they should come with us to the things which good for them also for our countries this is similar to Peter to your I'm still learning to work with NGO I believe they're all to a large extent there's a common purpose to help to deal with some of the most challenging issues do I agree with them on everything I don't think so I don't think they would agree with me on a lot of things as you know I guess I just feel when the things they're right they should be done I don't know what is the alternative you know talk about in the budget galley finally you know thank you you're persisting eventually took ten years took ten years to build a 240 megawatts power plant now I'm coming from a country that can be done in two years maybe even shorter and certainly we should do something differently I'm not saying we'll copy that I said as I said earlier we do need to have a sense of urgency because the world is moving forward if we don't really help I don't know what the world will be I mean I have to say every time I go to you know I remember I just give you one example I was remember in a car ride going to the airport with the minister finance you know there are a lot of kids playing I won't name the country you know kind of a playing soccer really I said wow this case just so much muscle and the minister finance I have to feed them help me that's the basic I mean literally no one you know you hear from this you know person literally they're desperate for help and this Liberia president I was in Johnson's yeah I was with her and Jim came meeting her she literally told Jim said I need electricity because the whole country has no I mean they distributed all the copper were taken away there's nothing left virtually and what she told Jim was look all these young people the only thing they knew was fighting I gotta give them a chance so help me I mean these are the things I see it as a wow very powerful and by the way this is not like we have seen this in other place can be done it's not like that it's challenging from getting things done but not challenging from technical you know solution aspect so that's how I feel I feel you know the development financial institutions and particularly you know myself and my IFC team we are very much have this sense let's can build on what we have been you know good foundation we have been successful but let's have some sense of urgency and let's figure out the way to at least you know try it I can't guarantee everything we perfect I can't guarantee there won't be another demand I hope not but the truth is unless they try you know the alternative is not much better right the stakes couldn't be higher thanks very much thank you please join me in thanking Jinyoung Sa