 All of our projects are interesting, but this one has an awful lot going on within it. This is a project that evolved out of a lot of experience in the region, working in South Africa, working in Mozambique, working in other countries, Zambia, Malawi, Zimbabwe. And it's an outgrowth in a sense of that. In fundamental terms, we've partnered with the National Treasury to do this project and the Treasury is funding half of the project and wider is funding the other half. And this project, following that financing model, has two elements to it, two big elements. One is work that is more or less focused on South Africa and the other is work that is more or less focused on regional issues, regional integration, broad issues that are of interest to everybody within the region. On the first part, which is the South Africa part, we have a series of components, three, I think. The first is firm level analysis. And here we've had a tremendous degree of success in working with the Treasury and the Revenue Service to make available tax data, both personal income tax and firm level tax, over time to try to look at what's happening with firms, firm dynamics. We can also look at employment. These are big issues. International experience, spirits in Europe, Vietnam, other countries indicates that these data, once they're properly set up, are a real trove of information for what's happening within the economy. Sort of via this tax data that we've really learned that there are big variations in productivities across firms within a single industry. We can look at that. We get a notion of what happens to productivity if there's a policy change. And we can track with a tremendous degree of detail. So that component has been going. We have five teams of South Africans, two international teams working on the tax data. We have five computers sitting on the 20th floor of the National Treasury with these data sitting in them. And it's a tremendous amount of data. This will be a long-term effort and project will come up with our first outputs at the end of the year. Underneath this component, the Treasury works with a large, a big model of the entire economy of South Africa. And these models are very, very useful for lots of things, tax policy. We've used for carbon tax. We've used for climate change. We've used for energy and energy policy. And obviously one wants to have the best possible representation of the South African economy. And one of the things that you can do to validate the model, this is a good idea but rarely done, is instead of frequently we take the model and run it forward to see what might happen. In this case, we're gonna take the model and we're gonna run it backwards and see if we can reproduce what has happened and look at how well do we reproduce what has happened and what kind of parameters do we need to make that happen. This also allows us to do certain counterfactuals. Once we've gotten this model to reproduce history, then we could go back in history and say, well, what if we had decided to do A instead of B and what would the consequence potentially have been? So it becomes a potentially powerful tool for analysis. The third area in there is energy and their choices. So we've worked a lot with the government on their integrated energy plan, other elements of that looking at technological choices. How should there be a big nuclear build? How big, if there's going to be a nuclear build, how big should it be? What are options in the short and the long term? Is it possible to delay such that options remain on the table instead of committing big investments? And the Treasury is, of course, extremely interested in this. The size of these investments is very, very large. To do a big nuclear build could take 20% of total investment in South Africa for years, six or seven years in a row. So it's a major, major decision and the company that would do it is SCOM and the owner of that company is the Treasury. So the Treasury needs to know whether this is a good idea or not. So that's on the South Africa side. What we want wider to do is to serve as a platform for discussion of regional issues in Southern Africa. And one of the characteristics of Southern Africa is that South Africa is much, much larger than any of its neighbors. It's both larger and wealthier. And so there's a considerable imbalance there. And we believe that wider can provide a platform where we can have discussions, joint research with institutions and countries across the region looking at specific issues. Our thought is that specific opportunities for where there's gains for groups of countries or pairs of countries are one of the better ways to proceed. So we're looking in some specific areas and the ones that we're looking at are supermarkets. So there's been a massive expansion of supermarkets throughout the region. I wanna see what that has done and is this actually fomenting some kind of procurement within the countries? Is our Zambian producers now supplying South African supermarket chains? These kinds of questions. There's a big interest in the region in basically the poultry value chain. Oil seeds, energy sources, and then growing birds. There's large potentials in the region and these are quite raw potentials. So we're looking at that in Zambia. We'll move into Mozambique. We're also looking at mining and mining services. So there's a great deal of mining that's happening but there's a lot of need to keep the mining equipment going, design these kinds of things and how those kinds of opportunities are working out. The last is in transport and we're gonna focus on trucking and what we find is that there is the possibility for cartilization in trucking that trucking can be a real barrier and that actually certain relatively few regulatory changes or expansions can drastically increase the efficiency of trucking, the competitiveness efficiency of trucking and if we can do that for dry goods, trucking being the most common form of transport within the region, these could yield big gains. The final area that is also starting up is in bioenergy and the only way really to do a substantial bioenergy program is regionally. South Africa is a big market for fuels. It actually, if you look at for example, Zambia, it just really doesn't take that many hectares of sugar to provide the entirety of what you could mix right now or relatively soon into their fuel mix. So if you're going to achieve the kind of scale that you need, you need to link up with South Africa. South Africa also needs the region in this. They don't have the land or the water to do this at the scale that might be required. We have no idea whether this is a great idea or not, but we want to look into this particular option. Bioenergy is the fundamental attraction of bioenergy is its size, it's potentially very, very large and so it can justify the kinds of investments that everybody's talking about in terms of transport infrastructure and other items in order to get these kinds of operations going. It also has the possibility to link to agriculture and provide jobs in the region in Mozambique and Zambia potentially Zimbabwe, other places if you choose production technologies that are sufficiently labor intensive. So there's potential to do it right and there's potential also to not do it very well. So the question is with bioenergy is not, yeah, the question is can we do it well? We know we can do it badly, that's been proven. The question is can we do it properly? We have quite a few partners in this whole thing and this is part of the idea is to link people together. Our partners and the current and the ones that we're working on still to bring into this. Obviously we've linked up with the Treasury. I've mentioned that so we have the national Treasury in South Africa. We've also working with the Center for Computation, Regulation and Economic Development, CRED at the University of Johannesburg. In Zambia, we're working with the Endab Agricultural Policy Research Institute. They're working on both the poultry value chains and the bioenergy. Also in Zambia, we're working with the Zambian Institute for Policy Analysis and Research looking at the supermarkets initiative. In Zimbabwe, with the supermarkets institutes, we're working with the Zimbabwe Economic, Zeparro Policy Analysis Research Units or something like that. So they're working on the supermarkets initiative. We work with the Trade and Law Center at Down in Cape Town. They've been very involved in the nitty gritty of the implementation of the regional research agenda. We will also be linking up with Mozambican institutes. There is an agricultural policy research institute called SEPAG, which has a Portuguese name. There's also the Ministry of Economics and Finance we're working with in a separate group. We'll work with their Ministry of Energy and Natural Resources on energy and bioenergy. And we're working, there's a group called the Center for Economic Analysis and Management Studies at the University at Bordeaux-Mondland in Mozambique. On the bioenergy side, we also have a link with the Overseas Development Institute in the UK because they bring a certain degree of skills with respect to institutional arrangements for bioenergy production, because we want to understand these institutional arrangements in particular. This is one of the key elements, the labor intensity of the feedstock production, be it sugar or other items, that will seriously drive how the distribution of these benefits, of the value from this production is distributed. And if we can not only do it in a way that is economic, but also generating jobs and broader-based prosperity, then that's a bigger win. So that's something that we really want.