 Singly jointly and in their respective capacity, but before we get into that what I would like to just mention briefly is The conclusions that we draw yesterday The United Nations special special session that was called by the Secretary-General and for which Secretary-General Gutiérrez had asked The United Nation cousin the IMF To do a little bit of work to figure out what fiscal space would be needed for those countries that need to reach the sustainable development goals and what we did is a study of the 49 low-income and developing countries to determine by 2030 how much annual fiscal space would be needed for them to reach the goals Good morning. We're delighted to have you. I'm just finishing an introduction and then I'll move to you minister But that gives you time to breathe and settle in the seat So what we what we found what we did was Study the 49 low-income and developing countries take five pilot countries to sort of test the assumptions and the methodology that we used in order to assess the numbers and What you know, we've we find out is number two sorry number one 14 percent of GDP is going to be needed in terms of fiscal space By the low-income and developing countries in order to reach the sustainable development goals 14 percent of GDP. That's a Massive number by their account. It's not a massive number by the global GDP Account, but for them, it's a big number and it's one that they will not be able to reach all by themselves So my second point is the following Work begins at home and what we found out in that study is that? There is a need for additional capacity development. There is a need for much better tax design and collection when you think of a country like Nigeria for instance where the Tax to GDP is in the range is below 5% when every by all accounts 15% is the desired number in order to assure enough public spending on common goods for the country so capacity development fiscal capacity and With the implementation at it, which means designing collecting removing exemptions and third most importantly which has been identified by many is the proper governance that actually deals With corruption and with the design of a business friendly universe in which the private sector is happy to invest and to thrive So works begin work begins at home second part all Hands on deck are going to be needed and I'm delighted to have with us a fantastic panel And we're going to at least assess what hands they can lend in order to participate in the Implementation of the sustainable development goals. So I will introduce the panel very quickly They're all as I said highly reputable respected Luminary in their respective fields. We are lucky to have as a substitute to the president of the Republic of Ghana Nana Ado Don Qua Akufo Ado his minister of development and planning. Thank you very much for joining us We have Bill Mac glaschan who is the founder and managing partner of TPG growth And we have Anne Finnegan who is the vice chairman of Bank of America and chairman of the board of Bank of America Mary Lynch Europe Bank of America USA and in charge of a particular portfolio that she will detail for us later And we have Sunil Bharti Mittal who is the chairman of Bharti enterprises India one of the largest telecommunication Company in the world and a member of the International Business Council and currently still although soon to finish his term Head of the International Chamber of Commerce now I'm going to start with the high representative of Ghana excellency and I'm assuming that you are familiar with all the themes that I've just mentioned you're familiar with the objectives You're familiar with the fiscal distance that separates today's situation from 2030s attainable gold and I hope you agree with me that all hands must be on deck and That's measures have to be taken by the countries themselves Can you detail that for us and what I'm particularly interested in is how do you manage? To reconcile the long and medium term objectives and the short-term imperatives of the budget The next election or as Jean-Claude Juncker once famously put it We know exactly what to do, but we don't know how to do it and be reelected at the same time Over to you. I think I'm on yeah, thank you so very much actually the president is at still at the younger and He asked me to come quickly to Standing for him, you know what we have what we are doing in Ghana is that in other for us We know very well that the millennium sustainable development goals will be very Expensive to handle But at the same time to we've tried very much to ensure that we use a budgeted process to start kicking off First of all, what we've done is that you know our coordinated program That is that the national plan that we have developed in the country really is embedded in that is the sustainable development goals And so an attempt to you know, implement the budget is indirectly Implementation of the SDGs that is the way that we've looked at it in the short run You know using the budgetary allocations to do that over the short period But in the long run, we know very well that it's not going to be very easy for us because the finances our fiscal space is just very little like that and therefore does they need to increase the resource mobilization internally and What we're trying to do internally is to ensure that you know, just as we rightly state our debt our Tax to GDP ratio is less than 20 percent about 16 17 percent So we intend to move it further to about 20 25 percent so that we can we can we can have more resources for that What what timing do you have for that because I think the medium term and the planning are Important. Yes, the the shorter term would be the budget But the medium term is within, you know, we have a mandate of four years and we have to be we have to deliver within that four years so our medium term is a four-year period and What we are doing is that you know within this four-year period. We have already had about one and half of that within that period we should be able to move our our tax to GDP ratio to that level and again, you know We need to also expand the base the tax base which we're trying to do now by a Lot of our Businesses in the informal sector, so we need to formalize them by coming out with a way to identify where they are So that we can they can also be brought into the tax net. So that is the way to broaden the base and Of course to make every Taxation fairer for everybody some other taxes will have to be be imposed, especially we've started with one that is about taxing luxury vehicles that are imported into the country, you know, about certain Keep it capacity so that we can also draw those taxes into the into the into the but Even all that we still feel that we cannot really Achieve what we want to achieve under the Sustainability Roman code because there is also will still be very little So we may have to find other alternatives of you know generating resources to support to augment what we have and We are doing that, you know, of course everybody is turning to the private sector. Yes, we also Turn into the private sector Using our policies We have a special policy that we are referring to as one district one factory where we want to Decentralize industrialization So every district will have to have one factory where you use a local Romance you use you know add value to them, but that will be done by the private sector facilitated by Government so decisions are made at the district level Decisions for that actually a money's from the center, but it's actually The district people are involved in the process So it is maybe trying to have a harmony between centralization and decentralization Okay, one more question Understand what you're trying to do in terms of tax and fiscal space and I think that's very very laudable By the way, Ghana was the first country to cut poverty in half When it it reached the Millennium development goals, so when you put your mind to it my goodness the Ghanians are really efficient How do you and then I will ask Bill to address the same topic from his perspective How do you deal with the risk of poor governance slash corruption risks when you multiply the levels of decisions and Implementation with central decisions and then district levels being involved as well Yeah, corruption is a major problem that you face in the country and We have first of all come out with an Independent prosecutor who will actually prosecute especially those who are involved in Corruption corrupt practices in them in government and in the public services So we have that one the law has been passed because John created the office and they have started trying to ensure that you know We don't we don't those who have Fall foul be prosecuted but more importantly to prevent it so we have Procurement laws in place and we have created a ministry in charge of local procurement Who is to monitor what other ministries do in terms of their program procurement processes? more importantly, you know one major area where we think People are very Word corrupt corrupt, but at the same time to also aspect our Industrialization and our development process is the port the revenues at the port And I'm voicing a whole lot of other things that go on there so that we don't really get what we need from the Port so what we are doing is that we've started to make it paperless not to allow to reduce the human intervention in in actually Between the importer and so technology plays a role in that Technology plays a key role in that okay, we have to remember that when I come to you Yeah, very much. So we are trying to use that to remove the the the human Interventions interventions right which will enable us and minimize Okay, and do you apply transparency to a great length particularly in relation to procurement? Is it yes visible to all? Yes? Yes? Yes the procurement law actually is how you go about you know doing the Procurement are going through the procurement processes. So he has very transparent You have to advertise you have to have a committee that looks at it We have to so all these processes are in place and that is why what we want to do to really ensure that you know I mean the spill for region And the public pass is actually under control Thank you very much bill. Can you can you from that bounce a little bit to your area and your view sort of different ways of developing capitalism in your investment. Yeah, I mean just to Give a little bit of context related to this point specifically To start we're in addition to TPG growth I'm the co-founder of the rise fund along with people like and who's up here Bono Moe Ibrahim Who's very involved in corruption Jeff school and others and through those Sorry involved in preventing corruption It would not have forgiven me that error Thank You and the the In in in the context of both the rise fund and our growth business we invest in in markets around the world that that I'll leave Unnamed but have perfect that perfected the art of corruption In in many respects interestingly in the private sector if you're outside of the realm of where government is involved Even in the context of those markets where corruption is a is a major problem. It often doesn't occur in private business We're able to find great entrepreneurs that are building businesses and often the transparency that that that prevents And retards corruption comes out of those very same entrepreneurs that are building businesses on the back of mobile telephony Sunil's platform on blockchain on on Software as a service cloud computing AI analytics big data, so we're seeing tremendous Progress both developmentally in the effect. It's having in these local markets But also specifically around transparency and and supporting good governance what Moe Ibrahim is all about transparency governance So if you if you looked at the at the ranking in the Ibrahim index you would intuitively say below sort of the top 10% we shouldn't be investing given the governance Dynamics inherent in these countries, but that's just not the case. You can find great businesses in countries that are clearly Way down that list from a governance and transparency perspective that are doing business in a extraordinarily laudable way building great businesses That are in fact aiding the journey Toward transparency Can you describe how they go about it? Well, it's it's different by company, but if you you know, we invest across education Healthcare financial services food and ag an example in in Nigeria one of those countries I'd say is challenging in many many ways as a company called cellulant that Set out to develop a platform that could create a direct link between Government aid about five hundred million dollars a year in government subsidy for small stakeholder farmers who represent by the way 75% of the world's poor are these small stakeholder farmers Direct connect between that five hundred million dollars a year and seven million farmers Historically that five hundred million became 45 million by the time it got from the government to the intended Small stakeholder farmer they went out and because they were concerned about surviving this journey They hired 16,000 people move very quickly to build a platform based on blockchain That looks a lot like a door in in India a digital identity solution that allows those subsidies to be transported directly to the seven million end farmers It they brought other value-added services education training Microloans etc to these farmers and then ultimately built an off-take solution so that companies like general mills Could buy directly from those seven million farmers the net effect is a 30% uplift in household income Which in the context of these small stakeholder farmers is unbelievable and this is all happening in a private context So there's a blended Government-private Relationship there that becomes one that's transparent. That's additive. That's reinforcing. That's productive and durable and Was it five hundred million five hundred million dollars a year so they resurfaced Well, it's back to the 500 and by the way the 500 is now going directly to the farmer We saw this with what's happened in in India You know with with none of the Lacanis and the government's efforts around You know again digital identity when you get rid of these kinds of these kinds of platforms, which are really private sector Driven Technology adopted by government sector have the potential to be completely transformative and we're seeing that in education We're seeing it in health care. So this this there there is an opportunity using the innovation engine of capitalism When directed in a way that brings a moral lens to bear there is an opportunity if measured properly and if held accountable to be transformative in all these markets in a way that's frankly Critical if we're going to get to the 30 trillion dollars needed to achieve the sustainable development goals, right? Okay Before I said a mouthful there And I'm going to come back to you about the integration and how private financing comes into play to structure and help and Engineer investments, but because technology was mentioned so much and before I will come back to you on your philanthropic role as well Tell us a little bit. How you see technology playing that impact which Bill has just described and and how can we go further and do more? You know very clearly I represent the developing world here Some of the markets that I operate in in sub-Saharan Africa and even parts of India are truly the places where Estegies have the true meaning. I mean they are directed towards those very people That are there in abject poverty without education without clean water without basic necessities that the world takes for granted and I'm very happy that this panel is being set up and you're sharing it a lot of money is required five Bill five trillion to seven trillion a year out of which sixty seventy percent is to be directed towards developing world and The monies that are coming through a vote fully inadequate compared to those numbers The ODA just topped up at one sixty billion dollars and doesn't seem to be a major urge for Western world or the Countries that are rich to give more money into their program So we'll have to find our own solutions and when you come to our local solutions domestic markets There are few things that can be done redirecting subsidies Prime Minister Modi asked all the rich people to give up subsidies that they receive on Variety of items particularly one called out item was domestic gas and Millions tens of millions of people have given up subsidies so they can be directed towards the poor and More focused and programmed subsidies will be one way we're raising some domestic bonds green bonds Some of the blue bonds that are coming up in countries which are more fishery associated are small capital pools They'll come through so what do you do when you have a target of SDGs to be met by 2030? And if you talk about big items eradication of hunger poverty providing education sanitation clean water there's a lot to be done and Money's not there. So I this is where my other hat. I'm sharing the GSMM, which is a global telecom body in addition to ICC where I'm the honorary chair now I think technology holds the key Very clearly technology holds the key because that can mitigate the absence of capital the minister from Ghana talked about it of physical touch to deliver all those services is Impossible, so you have to digitize your Economies which most of the emerging markets thankfully are doing it and my industry the mobile industry is the is the real I would say champion in providing that last mile connectivity to Hundreds of millions of people in each country in India or nearly a billion people are now connected you put a smartphone in their hand It's a powerful computer It's now down to $50. So it's in the realm of affordability and then you start to put fanciful stuff in that 250,000 Education apps are now sitting in the cloud for mobile phones a quarter million apps To build physical schools, which we all try to do as much as we can is never going to be possible Especially by 2030, but it doesn't need to be done anymore We can't have bank branches enough for financial inclusion. You don't need to do it anymore Your little phone is a is a bank branch now financial inclusion health bulletins tertiary Healthcare secondary healthcare education a lot of stuff can now be delivered through mobile phones and within that we see as you know Women are the even more marginalized in our societies where their access to technology is limited and I'm glad the GSMA is Spearheading the connected women program. I don't know whether the report has been launched today or will be launched during the day Sometime during the day in the UN they will be launching this report connected women all of our mobile industry Sigib Abreke is here from Tallinn or I can spot him Many of us who work in the developing markets are focusing on that as well put a phone in the hand of Women a man poorest of the poor Connect them with the massive amounts of data at very affordable prices And then you start to see the magic of technology start to happen innovation coming through. There are so many people out there building Frugal innovations to provide all these services. I remain hopeful. The only thing I would like to Say here especially since you meet a lot of leaders from my emerging world Telecom industries taxed almost at par with tobacco Sorry, is that it again? Telecom industry mobile industry taxes are at par with tobacco in most of the countries if this is a platform to Mitigate absence of money and accelerate the achievement of SDGs Why can't it be adopted as a vehicle to deliver precisely that? All we are saying is Just take care of our load that you put on the industry. We want to know money $500 billion will be invested in the next five years in building more mobile networks more 4g networks more 5g networks It all come from private sector. We don't need any money, but for God's sake, don't text us heavily that's one demand we will have from the Leaders like you who have a voice who can talk to the leaders of various states and that's what we like to do Well, I know that the granting of licenses is one moment when the Minister of Finance and I was one of those Are sort of, you know preparing for the big collection. So I hear what you say I don't know you substitute it, but it's it's a very valid point that you're making and in in your position and with the very significant portfolio that you manage with with great wisdom and focused on development in particular What special know-how brings a bank like Bank of America in order to integrate various sources of financing it's rise For one, it's philanthropic money. It's private company. It's banks as well participating in that, right? So I think what we applied is to sort of the tenants of the financial industry, which is risk and reward and For a commercial bank if you're willing what we learned Several years ago ten years ago was if we could apply What we were doing generally to the environment, which was then a risk To be investing in renewables when energy efficiency solar etc We what we found is if we could partner with others we could reduce the risk and we could Agree on shall we say the margin so in a case So that we learned it through our environmental work and ten years ago We made a twenty billion dollar commitment, and I honestly was unsure of how we would ever do it and within Three years we were done so the business obviously began to accelerate We then made later a hundred and twenty five billion dollar commitment of which we were halfway through But with it we learned so much that we could apply in a broader spectrum Basically the sustainable development goals, and that is can you find other organ other financial? Organizations each of us with a different risk and a different reward Profile so in the case of what bill is talking about Private equity obviously wants a higher reward, but they're willing to take a higher risk, and they want a shorter timeframe a development bank will take from first loss Philanthropy will take first loss a commercial bank has a very long horizon Once lower risk, but is it willing to take quite a modest return if you can Pull that all together, and we have many projects that we have now Subsequently done whether it's a wind farm in the North Sea or 30,000 panels of solar in Spain or a Land trust in parts of Africa in each case that required Philanthropy a development bank commercial banks Family offices of wealth and private equity all to join each one of us with a different risk Horizon each one of us with a different expectation in terms of return, but all of us interested in Outcome what would be the outcome? So you were getting in for a certain reason, and then you're very eager to see an outcome the environment is easier But we've been able to do it with water which is related, but we have helped stand up a water equity fund with Water.org which is Gary White and Matt Damon who have raised 50 million dollars We were the first 5 million guarantee And it is to give micro lent to create Michael micro lending at the grassroots level To allow women particularly women, but families to have running water for businesses and families at a very low interest rate They have a 97% return on this it works. So we have just applied that whether it's capital to women Continued with environment affordable housing water etc and the newer entrants into this in the private equity world Makes it more attractive to more people and if what bill is doing through rise fund and a commercial bank now We are talking to development banks trying to take what we've been doing at the bank to scale with Well world-known brands it's really made a difference But the risk can only be medicated if the governments are also participating because otherwise we just can't get buy-in Okay, so packaging catalyzing addressing the various Range of the risks and the returns It's my all hands on death on on deck that you are actually putting together Does that result into a new financial kind of Security of financing instrument that has a special that is a special category or is it's every time tailored to a project to a country to a category of countries well every time it's bespoke, however, I'd say that the Mechanism of green bonds has been a pretty good proxy for what we could do and a green bond for I'm sure many of you know But it essentially is the same as you mean a municipal bond It is to underwrite something that has a green value to it Can't be greenwashing because you must report on it So you must demonstrate what it is that has served as a pretty good proxy for other Instruments that we can syndicate so that's been kind of a breakthrough right and when you say we need the government The Minister of Development and Planning is right here from Ghana. What do you need from him? Well, I think Bill would say the same what we need is some sense that when we're doing a project that When we're bringing in investors that what we've gotten them to agree to and what we say the return will be that the government Will not be so volatile as to Displace all the plans we've made which is very difficult to do because even today's government may be different than tomorrow's So we're looking for mechanisms to Shall we say smooth that out and what bill was talking about and You were talking about early Mr. Rital was is the transparency of technology of being able to go straight to the customer So that it's at least on record Really makes a difference Mr. Minister It goes a little bit back to my initial question How do you collapse the short medium term into the long term and guarantee that those well-financed investments are Comfortably settled in the country irrespective of changes Yeah, I think You know in that is where there is there seem to be some Element of conflict between democracy and and and maybe Financing because see I wasn't suggesting that all leaders should stay until the end of their life in their position We have a four-year mandate and there will be election by all means something will change So and and of course as he rightly said, you know, it's very scary when new governments are coming in Especially in where I come from but then I think what we can do is In Ghana what we are trying to do now is to really have PPP arrangement a law that is backed by Parliament that is not actually something that it comes from the executive only to ensure that there is some continuity once it goes through Parliament and Also, I mean some of these businesses The contracts and arrangements that we have with other at the private sector shoot all the time go through Parliament to ensure that there is a by partisan Support for it. So you bring the opposition effectively into the fold and And and and in Ghana we debate it a lot It's such when you get there you see it as if we are fighting each other But the point is that, you know, there has to be a process that will actually ensure that people both sides of the of the of the aisle actually buys into that one that is done I think it reduces a little bit of a risk and Involving maybe government changing from one area to the other But for me what I have seen is that, you know It depends also on the project itself We have started the project, of course that is not a As such, but we are trying to make a free senior high school education to to everybody else and The people are thinking that oh this government is the one that is introducing it and it's likely that it may When another government comes in probably they would change it But what I usually tell them is that you see look If the project is something that has no political color If the project is something that if you are building a road from A to B I mean it's not only this part of the party or the other part of the party that Uses that road. So the nature of the road that the project itself Doesn't have to be political. It doesn't have to have political colors. Once that is removed from it, you know Continuity Will not be denied. So I think it is the way that the project is perceived and then of course Extend to which the process is transparent When you are putting it together. I know there are certain projects that went through a lot of high-profile institutions, but It wasn't transparent enough and that thing is there is it it is actually not on the other side of the Atlantic But it's also from other side too And that one is something that we should look at it very carefully to ensure that you know when when projects are put together there is a Transparency in the whole thing from both sides and that this element of Corrupt practices do not actually make what you have them in New governments coming and you really want to change it So I think the type of the project the way that it is handled and of course the fact that it goes through parliamentary process can Ensure that there is some continuity in Whatever you are doing and of course I I know this PPP arrangement I'm also a little bit skeptical about that because once if it is it doesn't go to Parliament and it stays only with the executive a Private Public and the public is only executive. There can be a problem. So it has to be get a buy-in from the Parliament as well Bill can I turn to you because I mentioned the risk rewards risk return I Know that you have very precise ideas about how to measure and how to determine what's a good project and what can can actually be financed with success So what we're trying to pioneer and it it took years of work to do this in partnership with a lot of Institutions universities impact players around the world foundations and others To do bridge band being part of this effort from the beginning as well Was figure out if there was a way to actually measure Impact so that when we talk about Returns were no longer as a society just simply focused on risk return Which is the traditional metrics that we in the investing world think about but instead looking at risk return and impact and Ultimately our ambition would be that over time impact investing is no longer a Discrete one percent of the investment world But rather it becomes a standard part of the way we think about all investing Because there's a as a as a simple fact every investment has an impact It's a question of the degree of impact. Is it positive is it also doesn't have to diminish what the return? No, that's right on it. That's the that's the second point of the rise fund in our effort there And we're now it was just in it. Can you just specify that yeah Anne's point which is critical is that the the outcomes that we're talking about Measuring the social and environmental outcomes which ultimately tie back to the sustainable development goals Do not in any way compromise return in fact It's sort of an obvious point But if a if the output of a business is that which is creating the impact so I'm a health care provider I'm a technology solution. I'm providing education by definition the more successful that company is The more output they create the more impact that is created and what we've been able to demonstrate To date by looking at the at the both impact and financial returns that we're generating is that? Co-linear relationship that Anne was just referring to is inherent There's a collinear relationship there and it gives you a lot of hope because if you look at the at the two and a half trillion Dollar a year gap today that exists in the sustainable development goals We're not going to get there with philanthropy and government alone They're just aren't enough taxes and aren't enough Philanthropies the the Gates Foundation is less than one and a half percent of the first year's gap That exists in the sustainable development goals So what we need is to activate the two hundred trillion dollars That's currently active in the investable universe Corporate balance sheets and and direct those dollars against achieving these outcomes which can only be done To your question if we measure them if we can actually create a third-party Accountable measurement solutions that's we've set out to do Mary Ann Hancock's here in the room who's CEO of our Rise Labs, which we've set up as a separate separate entity public benefit corporation to do this for everybody because ultimately The the bane of our existence as a human race is our inability to measure externalities and to the extent we can get to a place where we collectively across government philanthropy and and the investing world can agree on how to measure these externalities in a Quantifiable rigorous way it will truly be transformative. I think in the way the private sector and and in general capital gets allocated and In that in doing so you will measure the negative as well as the post negative as well as positive It's critical. You have to give a net we have to understand a net number and and and ultimately every business has a combination of positive and negative External so as applied to returns if I move that to my GDP Yep, it's a little bit What you're saying is that if we were to measure properly and include both positive and extra and negative externalities to GDP It would probably mean that GDP would increase. Well, totally. It's a totally different. I You know if you look at the way we allocate capital as a society I've that you see different numbers, but roughly 65 percent of all healthcare dollars in the United States Committed to the last six months of life. Yeah, what's the return on that investment? Relative to our investing against early childhood education a smart grid Climate growth infrastructure. It's a fascinating question We don't ever think that way and these investment allocations are left to politics and religion It would be fascinating to imagine how we would all react if we simply looked at the relative good of these different Choices that we're making in a way that was truly credible third-party rigorous Which is the key to all of this that it not be a tummy rub, which is what it's been historically But instead that it be founded at me a rob a tummy rub That's a California colloquialism Okay, forgive the for that I am And you wanted to I would just add to what bill is saying However, the return is not always going to be a market return. However, if you can get a group of people in Financial institutions in where we in aggregate can agree on what the return is going to be Obviously, if you have a Rockefeller Foundation, the return they're looking for is what was the impact not the money Development Bank is Very patient money Commercial Bank will accept low return. They just look for a lower risk and then you move a family Family office is wealthy individuals who can come together and believe in a particular subject They want some return, but they may agree on something within their portfolio that looks like a fixed income Which would be three or four percent and then you have private equity when egregious returns But but market returns we have found we have done this and it works How do you bring people together and get them to agree because some of them have to concede some of them have to compromise? Yes, some of them have to take a longer term approach. How do you do that? You show them some successes and I think success begets more success and I think this point and and was Pioneer in this area too when you talk about impact in a quantified way That allows you to make these trade-offs when you can start saying look I'm the for every dollar We invest in the rise fund. We're delivering you a 12 times multiple of money on measurable auditable reportable impact and prove it and and it's prove it. It's not our word It's their party people can start making interesting trade-offs So where where they choose to allocate their capital is most of the capital world is sitting in bank accounts Uninvested unused doing nothing for the world and it creates an interesting imperative when you see the correlation of impact and and social outcomes Thank you very much. I'm going to close with you Sunil because you just recently pledged to donate one billion dollars and clearly you one of those essential contributors from the private sector and from your own personal Pocket you decided to focus on education and education in the poorest of the poor countries and you are particularly keen To make sure that girls in particular have access to education So tell us a little bit about that project of yours and then we'll Close this session because I'm told that I'm winked at you know all of us entrepreneurs get inspired from success of others and what they do and One when even you do well You are asked to write a lot of checks and we decided what we do best is organize projects run projects manage projects So rather than just writing checks. Let's pick up one subject in which we go all in We saw Bill Gates going in for fighting diseases. Many others have done different programs We picked up education because of its impact to be a multiplier in a society especially India where they are very young children in India is very young nation and Villages don't have access to school even if they are schools. They're not working We decided therefore to go and build schools. We have built 270 schools primary schools Now the program of secondary schools are building up and by the time the children start to come out of secondary schools We want a university to be ready and that's the big grant. We've done now But you said that technology is the key and you don't need to build anymore. So yeah, so You're right, but within those You have to still get community going and these schools are not fancy school They're basic schools in villages and not to read Yeah Also, it's also you can you know do a lot of teaching through digital technology now and we are Supporting it IBM is a part of the program Google is a part of the program But you need to get children in and these are little five-year-old kids coming into school They need to just get going first and these are primary schools mainly 300,000 very little poor children mostly girls are in these schools They you know take away technology as they grow older they start to use technology But when you go into higher levels India needs to generate his own brain power I think we want to create a very high-quality tech university We shall again be a different university where you're not just rotting in the classes But you're doing a lot of technological interventions You could be sitting under trees and cafes and you could keep on doing your stuff on tablets and all that is the vision of our New University we've got tremendous support from the American leading institutes, which we very much admire and Hopefully we would have made a small difference in our countries that we operate but you also operate in Sub-Saharan Africa Absolutely India and Sub-Saharan and Sub-Saharan Africa. Okay to all our panel members, please a big hand