 So welcome, we've started while lunch is still going on I think, so we may have some more people coming. I'm delighted that you're all here for the catalyzing capital for Africa session. This is part of the WEF's blended finance initiative and we'll hear a little bit about that later. We have a very distinguished panel here who I will introduce and we hope to make this as interactive a session as we can. It's very bright up here so we may have difficulty identifying you in the audience but I think when we come to it, if people wave vigorously, we'll be able to make sure that we bring you in. How can we finance inclusive growth and prosperity in Africa? We've already heard a lot today about the potential of Africa and it's hard to go to any investors conference now without hearing about Africa. High growth rates have made Africa very attractive on paper to investors. We know this is the year of the financing for development conference in Addis coming up shortly in July. We know we're going to have the SDGs in September at the United Nations General Assembly but we also know that despite the high growth and despite a lot of that talk about investment in Africa, the needs are enormous, the infrastructure gap is enormous and we know there are still difficulties in attracting private investors. We live I think daily with myth and perception still about Africa with imperfect information often and in an era of imperfect information myths and perceptions can abound. So one of the targets of the blended finance initiative is really to look at in a world where there isn't enough governed money to support all the development we want to see in Africa, in a world where private investors want to make sure that they are minimizing risk in a world where foundations are experimenting with new initiatives like impact investing, how can capital be catalyzed across different players to de-risk and to bring some of that mainstream investment into Africa in a way that help support African growth. With that as the backdrop, let me introduce the panel. We're very privileged to have speakers from every different part of that financial spectrum. From the public sector, we're delighted to have John Rambomba, the governor of the national bank of Rwanda, who will be able to talk from his perspective, who is in charge of policy guidance and advocacy and country programs for the Bill and Melinda Gates Foundation. I'm Chabalala from the co-CEO of Standard Bank and next to him, last but not least, Nathan Colombo, who is representing Coca-Cola and is president for the Eurasia and Africa group of Coca-Cola covering, I think, some 80 countries, if I'm correct. So Governor, if I might start with you. I think Rwanda has been particularly successful in mobilizing capital. When you look from your perspective, what are the opportunities and what are the some of the constraints and what role can the public sector play in helping to bring in more private capital? Thank you. Maybe I start with the last question. What the role of the private sector or the public sector to bring in more capital? I think there are two ways. The main function of government is to create an enabling environment. And what we've been doing as the government of Rwanda is to implement reforms that remove all barriers to private investment. Those who are aware of what has been happening in Rwanda, we've had reforms in doing business, in creating an enabling environment, removing all barriers, for example, registering a company that used to take almost two weeks. Now you do it online and you can do it in a matter of minutes or hours maximum. In fact, today we do registration of companies online only. And that has been simple and free. So that makes it easier for whoever wants to do business in Rwanda to register a company. Dealing with all government requirements to start a company or to register and really starts working. We created what we call one stop center within our Rwanda development boards, whether you're dealing with the tax issues, whether you're dealing with all the other regulatory requirements, you find it in one area. So that makes it easier for whoever wants to transact to invest in Rwanda to work with government agency that are supposed to facilitate. The same with the getting electricity, same with the enforcing laws. So Rwanda moved from one forty-third ranking as you know from your World Bank background, from one forty-third in the world to at forty-second ranking. So that creates that environment that attracts private investors to bring in capital and mainly that is through FDI and we've also had investors coming through IPOs that have been there. Then the other area is government itself is an investor in public goods. Today it's government can mobilize all the money, they're private investors that are willing to work to invest, co-invest with government in infrastructure, especially infrastructure goods and therefore one other important area that we've been developing is to set up a clear framework where we work with private investors to invest in projects within our country, commonly referred to as private public partnerships. So that helps to crowd in private investment to invest in energy, we've had a big gap in energy and today we have private investment in energy and different projects that could originate a puree done by governments. The other important thing of course is the regulatory framework in general. Investors coming in to be confident that when you bring in your money, when you make profit you easily repatriate your profit or when you want to exit you easily exit, there are no capital controls. So that openness to free movement of capital in and out of the economies is key. I'm saying this referring to Rwanda but this should apply to all of us as Africa. If we want to attract capital, travel capital from the rest of the world of course or from across borders within Africa, the other thing that we're discussing here this morning is the development of our capital markets. This is normally a channel and a vehicle to attract capital within our countries. We still have challenges with underdeveloped capital markets and I think the morning we're discussing what we need to do as Africans to develop our capital markets that could one, mobilize savings, promote mobilization of savings and consolidating them into supporting big projects but also using them to attract capital from outside the continent. So I would say this is really the challenges we have as Africans to remove all the barriers. Today we talk of Africa investment or African investing, Africans investing in African countries. We still have barriers even for Africans investing in African countries and we are saying taking an example of East Africa where we are opening up our borders to free movement of capital between all the African, the East African countries from movement of labor and from movement of people in general. So that will really catalyze capital and move capital from where it is to where it has a good impact on the ground but also for the investors to get good returns on their investment. So briefly that's what I would say for now. I'll be happy to come back to answer any further questions. Thank you. Thank you very much. Nathan, the governor has identified I think many of the issues that are identified in the doing business report, predictability, ease with registration, open access. From the point of view of Coca-Cola when you go in and you want to invest, what are the issues that you are looking for and what can government do to reduce that cost of doing business? Thank you. Our system has been on the African continent since 1928 and we basically have built a business that is a very local approach. We do have over 145 production facilities all over Africa and employ over 70,000 people and as we have gone through Africa through the years we have gone at a number of experiences and we do see significant progress being made in the areas that the governor is referred to in the area of infrastructure. We see significant progress being made in infrastructure development. We believe that there is still a lot of work to be done in infrastructure. When you look at our rail, our road networks, you look at our communication, you look at our education systems, there is a lot that still needs to be done. In fact, recent estimates I looked at were saying that we probably have an infrastructure deficit of close to double what we are currently investing and then this is very important for our systems. We have had in some cases where we have challenges especially with distribution infrastructure created homemade models that are called micro-distribution centres. We have across Africa about 3,500 micro-distribution centres that are really focused on accessing remote communities where otherwise we will not be able to reach with the difficult infrastructure that we currently have. These are local distribution facilities run by locals helping us reach far-flung communities. We have also garnered a number of experiences over the last 87 years as we drive this what we call locally sourced, local hiring, local manufacturing, very local type of business. That experience is really around public-private sector partnerships and I think the governor alluded to that as well. When you look at the challenges and the opportunities that Africa faces, it is very clear that these challenges cannot be addressed and cannot be resolved by any single entity or any single organisation. What we have realised over the years is that partnerships between government, civil society and in the private sector are very critical to addressing the many challenges that we face in some cases, very complex challenges within the continent. I will give you an example of a public-private sector partnership that we have implemented in East Africa. This is a partnership that we entered in with the Bill Melinda Gates Foundation, John's organisation, and we also went into this partnership together with the government of Kenya and the government of Uganda. They were part of the steering committee of this organisation and we also worked with technical partners in education with Technoself and our focus here was on fruit farmers. At the end of the day, we have realised as an organisation working across Africa that we cannot disassociate our progress with communities' progress. That is the strength and sustainability of our business is very anchored on the strength and sustainability of our communities. So as we continue to strengthen our value chains, we look for opportunities to strengthen communities at the same time and we worked with these three partners to work with 53,000 farmers across East Africa, basically Kenya and Tanzania. The focus of the programme was really to help them improve the quality of their output, the productivity of their farms and also give them access to our supply chain. So what we achieved at the end of the day is we were able to double the revenues of the communities that are producing fruits, mango and passion in small farms whilst at the same time giving them access to our value chain and we were able to have a sustainable access to fruits that are important in our food business. So we really believe that this partnership that is between government, private and civil society to make progress in Africa is very, very important given just the enormity of the opportunity and in some cases the complexity of the challenges that we face. I think I'll leave it at this point. Okay, thank you. Sim Nathan underscored the role of the community, the role of the locality in both the supply chain and as part of this partnership and also triangular partnership with government. Standard Bank is one of the largest financial institutions in Africa. I think you're present in some 19 countries. What is the role of the locality in terms of financing opportunities and partnerships that the financial sector can bring to bear for some of these issues including some of the most difficult issues to mobilise finance around such as infrastructure? Yes, I do think it is a true statement of fact that the continent suffers from a severe deficit of infrastructure. So I agree entirely with Nathan. It is also true that we have amongst the lowest investment to GDP ratios amongst all the regions at about 22% which suggests that there are huge opportunities to execute projects and investments that are developmental in nature but give rise to returns that adequately remunerate those who are willing to take risk on those projects. As far as taking those kinds of risks are concerned, investors would do well to partner with local players and if I could use three examples to illustrate that point to underscore what the governor was saying and what Nathan was saying. The first example is President Obama's Power Africa initiative mobilising $7 billion to be leveraged for the purposes of energy infrastructure on the continent. We are involved in a number of those projects in at least four countries being Nigeria, Tanzania, Ghana and Kenya. And that is a classic example of mobilising not just capital but also know-how, policy advice, legal structuring, thinking through the types of contracts that work for those kinds of projects and thereby mobilising American resources, the likes of General Electric as well as local resources for example in our case where we've got several hundred million dollars invested in those projects. So that's the first example. The second example I would like to use is a South African one which is the renewable energy power producer procurement program in South Africa. Our competitors together with ourselves have in effect entered into partnerships that have made a significant difference to South Africa's energy deficit and that has happened because of great partnerships between ourselves, government and also project sponsors, many of whom are international, illustrating the point that it's important to have local partners. The third and last example I'd like to refer to is the clean development mechanism where governments can have access to products that we offer in carbon trading and therefore generate revenues which they otherwise would not generate as a consequence of being involved with us. One example where communities have benefited there is the Nelson Mandela municipality where as a consequence of the CDM we've put in place there, the community has 110,000 solar water heaters at a price acceptable to the community. Perhaps I should leave it there with those three examples. Okay, thank you. Finally, Mark, philanthropy and indeed private wealth, we see an enormous amount globally of private wealth. We know that $31 trillion is going to pass down to the millennial generation. We also know that philanthropists are now talking about small philanthropy in ways they perhaps never did before and moving into impact investing and very savvy partnerships across public, private. Why do you and the Bill and Melinda Gates Foundation see the philanthropic angle to this and how in an age and an era where we know Africa is becoming a pole of growth? How can we help to both get that message across but also mobilize the private wealth that's now out there? Thank you. From the Gates Foundation's perspective we see a critical role of philanthropic capital in trying to look at what's the comparative advantage of philanthropic capital against the other pools of your traditional public sector capital, private sector capital and we see it really as ideally it's a catalyst to leverage in broad capital against a particular type of return. In this case it tends to be a return on human capital and human investments in our case we look in particular areas like health and agriculture. You've heard one example already in the case of our partnership with Coca-Cola and there that was some use, a modest amount of grant money on our side, a great partner in Coke and the respective governments but essentially the market failure there was that Coke was having, I understand, having to import the fruit to do the fruit juices when actually there's a clear comparative advantage that it should be being grown locally but do we need some connection to make that access to the local markets and to do it in a way that and this is where our thing comes in to make sure it's empowering local smallholder farmers which has the greatest poverty reducing impact and so there are a number of those examples across the agriculture and health spaces where we operate and we'll use grant resources directly and we've invested somewhere over $600 million last year in Africa and in traditional grants but we also use our balance sheet and that's in terms of providing both things like guarantees to get volume supply in terms of direct equity investments occasionally and so we've worked in areas and we have a partnership we've had an initial project we're developing a newer one with a branch capital to invest in healthcare delivery services across Africa and again these are areas where our resources can come in and basically incentivize you to help prove the model and show that there is a long-term sustainable economic model then private finance can come in can help drive and then make that sustainable over the longer term and as I say there are a number of those areas and examples where I think historically it's been challenging especially in these kind of sectors in Africa again historically it's been a little easier to mobilize resources in traditional natural resource investments and other really highly big capital intensive investments like that because the returns are so clear. These are more complex markets the kind of ones I'm talking about particularly when you're marketing more towards the bottom of the pyramid both in terms of consumers but also trying to draw in suppliers and so but I think the net result and we've now have several years of doing this is there are clear successful models that can or that are sustainable over the long term and that hopefully those are models that can attract in both other philanthropic examples but ultimately private capital over the longer term. So successful models but perhaps I could challenge you all and I'm going to go to the audience in a minute. You're all making it sound very easy put in place the right regulations have some creative public private partnerships bring in the community and the investment will follow and yet we know that if we take infrastructure for example the gap is huge and we have development banks and we're going to have new the BRICS bank and the Asian infrastructure bank but still it's very difficult to get even the upfront money to pay for feasibility studies which is I think 10% of the total cost. So there's something going on here that isn't seems to me that is more than perhaps we're identifying here and I want to challenge you on that and come back to you on that but let me first come to the floor and see if we have if we have any interventions from the floor this point comments questions. Yes sir in the second row. Kill much later from African financial group in South Africa. My experience is people I mean you can come with money you can come with systems you need the people and that's I've been investing in Nigeria for some time now three to five years and the challenge is getting the right people. How do you how do you deal with that. Thank you. Should we take another another question from the floor. Yes sir in the fourth row there a microphone is coming. Hi my name is Jude Kearney I'm a lawyer from Washington DC. I used to run an office of a law firm here in South Africa. One of the impediments I remember from South Africa in particular but I think that it has grown to the rest of Africa deals with local content that's sort of considered I think B. E. Here in here in South Africa but local content tends to be an important but sometimes debilitating impact on investors and I wanted to get some feedback as to the panelists view on that in the front here. Hi I'm Lucy Fonseca I'm a global shaper from the prior hub and I'd like to ask the panel what their thoughts are on whether enough is being done to innovate asset classes for this particular challenge that we have and if so which asset classes are you most optimistic about that that can best be sort of adapted and optimized for the challenges that we're talking about on the African continent. So governor perhaps I could begin with you I think three very important points the people it's about human dimension the local context that we've also heard about and innovation around asset classes. Yeah thank you the people I think the question on who we deal with that's key because we are desperate to get this capital at times we have crooks presenting themselves as investors and this has been more costly than not having the capital. So that has been a challenge in main African countries but also this goes back to our capacities to engage with the international community or with the would-be investors so as we talk of the policies the enabling environment I think building capacities of government officials to deal to engage with the rest with investors to be specific is key to catalyzing investment of capital two. So one it's key because the good investors will not waste time with people who don't know what they want therefore they want they would don't come but then weak capacities also won't be able to identify and isolate the pretenders to be investors who are really so that has been a challenge to us and this is something we have to deal with at least it's important to know that it's a challenge and therefore as we are looking for capital you don't just welcome any Tom and Dick that pretends to be bringing capital and so that has been a challenge and it goes beyond the capacities also but dealing with issues of corruption as well within our countries that has a hand in us while at the end of the day they're accepting crooks because they're giving some kickbacks and that at the end of the day is really costly to the to the economies more than anything so I think one is the capacities but also fighting corruption and that has been another limiting factor as we said also really bona fide investors will not be ready to to be corrupt and this will be really driven by corrupt officials so that's important and that's key that is based on our country we have this police of zero tolerance to corruption and we know it matters a lot they different reforms we are making will not succeed if we don't fight that fight corruption as well so I would just say we it's really building up knowing what we want and being able to stand on our feet and negotiate on equal terms with the whoever is bringing capital and we avoid to move in as desperate people so I think that's key on local content maybe my colleague from South Africa will say more on that but for us we don't we don't require that we you come in with capital you you own your business a hundred percent you just have to follow the normal rules of the game so we don't require any any local content and I think I was I was talking to some guy who knew Singapore much better than many other people and was saying the good thing with Singapore is it's open it's you work in with any money you have you do business and you go out with any money at any time you want so it's that free entry and exit at the end of the day what's left to behind is much more than what will be taken out and I think if we don't open up as as Africans who capital is remain shy to come to us so I think that's key and South Africa has strong historical problems I think that's why they had to to move to the direction take the direction they to but I think it's in general we we should work our investors without having to because at the end of the day you force local content on on them and when they want to raise more capital then the local partner is not in position to raise more capital so they are different factor that actors as hindrances to invest so from our end I think it's we should really discourage that then on innovation on assets maybe I leave that to the to the banker who deals with the assets directly so anyway but let me let the others so that's a good segue same so asset classes asset classes let me start with asset classes I think it is true that there is great opportunity to innovate at a number of different levels firstly there is a lot of money in the diaspora and so one can envisage instruments that appeal to the diaspora and can be used for that purpose one can also envisage a situation where you use mechanisms that tap into human solidarity and include those as part of the fun of the bonds of the instruments that that one issues but fundamentally what the continent needs to do is to build its financial infrastructure and deepen financialization by putting in place the appropriate regulatory mechanisms such as pension fund reforms insurance insurance legislation and then let governments issue bonds so that you increase the depth of the capital markets so yes there is room for for for innovation but I would argue that it's incumbent on us as Africans to to build the infrastructure ourselves secondly on human capital there is one remarkable thing in my view about Nigeria and that is the fact that to the extent that the Nigerians can capitalize on the demographic dividend that economy could easily double in a in a very short space of time and one hears the authority speak of what needs to be done for that purpose which is fix education fix health care and so forth and therefore improve the human capital in Nigeria the third point on local content it is true that local content can give rise to undesirable outcomes requirements for local content can give rise to undesirable outcomes but there are examples where the outcomes have been fantastic in South Africa where the relevant legislation has been implemented or the policy has been implemented with discipline the outcomes have been wonderful if I could use just one example Transnet is busy rolling out its market demand strategy it is a fantastic strategy meant to fix the country's logistics system a large component of it requires local content and GE as well as the Chinese partners that are working with transnet have been happily participating in that arrangement and allowing for local content there are other countries on the continent that require it Angola requires a form of indigenization so does Nigeria and so forth so the real test is does the introduction of a requirement for local content give rise to unacceptable rent seeking and to the extent that it does what are the checks and balances that are in place to to prevent it I think it's unavoidable given the history of our continent that people will demand it the question is what does it do to the cost of finance and what does it do to corruption and how do you prevent the corruption related to that perhaps I can pose a question to all of you so much of this discussion is predicated on public private partnerships the government playing one role private sector another role is there still too much of a ideological divide between those two sectors are we still in a place where people are hesitant to partner in certain areas education healthcare particularly relevant for the gates foundation when we had a discussion on blended finance at Davos was very interesting there was a feeling there was certain areas that the private sector we are inappropriate for the private sector to go and certain areas where the government is is perhaps reluctant to partner with the private sector do we still have work to do about that what used to be quite a chasm between public and private Nathan yeah that's a very good question Caroline you know you know it links very much into the question on people which I think is a fundamental a fundamental question when you really look at the African continent we are a very young continent 65% of our population is below the age of 35 and this is a resource that we have to leverage is Africa and the resource that we cannot leave untapped and the only way that I believe this resource can be fully tapped is through integrated partnerships I do not think that businesses alone will be able to address the issue of people that you are raising it it needs to involve government institutions it needs to involve civil society what you're seeing as a big challenge in improving the pool of talented resources on the continent is that some of the education systems are not really aligned with the needs of industry so need for that to be much more collaboration between government between these tertiary institutions and industry in building talent that is tailored to where the industry is going and when you go into some of the institutions on the continent you look at the equipment you look at the technology being used you look at the computers that are being used they're very divorced to where the world is going so they need to really connect where industry is going with where government is going from an infrastructure development standpoint and then the other element that I think is important is look at this young population when you look at the youth you know that are unemployed or underemployed it's it's it's really disheartening you know we we are in a business in the co-caller system which is called which is which I would call a street level business you know we deliver to local villages to local communities to local townships to local cities and every day we see these young people we have a lot of ambition we have a lot of expectation but have no opportunity and one of the things that I am really pleased to share with you today is a contribution that our system is making in order to try and create models that may be replicated and and scaled in the future to address youth unemployment is we've created an organization that is called youth empowered for success yes program and this program we are actually launching it today and the program is going to target 25,000 youth in three countries and the focus of this program is really on training life skills business skills giving the youth access to entrepreneurial opportunities giving the youth access to job through our ecosystem because you got a huge ecosystem you know that we can leverage to to give opportunities to youth and whilst at the same time you know making sure that these youth are connected through an e-mentoring program we've pulled together a number of partners and again this over emphasizes the point that I think is very important for Africa to make progress around this partnership it's even more important for Africa you know to establish effective strong partnership that can make things happen what we are trying to model and what we have created is a partnership with Harambe youth empowerment you know calibrate you know incubator which is an organization that focuses on youth and youth unemployment we have partnered with Kuzi Biasara from Kenya which is again an organization that focuses on youth employment and we've partnered with Microsoft you know on the e-mentoring program and e-networks that we need to come you know to establish between you know between the youth and also with messy cops we have a lot of history in working in working with the youth so we've partnered to create this program that's going to provide opportunities for about 25 now in the next three years we believe that in testing this model the first three years is phase one is a really proof of concept once this proof of concept is established we're scaling that and we have great ambitions to have 500,000 youth empowered by 2020 so just like our women empowerment program which we focused on 5 million women by 2020 this is specifically focused on the youth and focused on this challenge that we face which is lots of youth that need empowerment that need you know the right skills and opportunities access to opportunities in order to in order to make progress in communities so so building on some of that issue again the public private partnership theme is there Mark from your perspective Gates has done a lot in both public and private health and education in Africa is there still too much of a and if it's not an ideological divide is it a divide around misunderstanding to to push forward some of this some of this work in around blended finance yeah well maybe bringing that question back to the earlier point you you raised before you took it to the floor which is saying we all sound very optimistic is there not a great shortage of capital investment in Africa where clearly there are massive shortfalls of capital investment in Africa and sim described you know there's the domestic reinvestment at whatever is 22 percent their shortages of international capital there are lots of productive opportunities but what there are sort of a number of chance there's still a premium that buying large afric investments are not required but the markets impose on Africa by and large even when the investments are relatively productive by global standards that becomes exacerbated when you're dealing in areas such as the ones we tend to to move into which deal with again poorer people and poorer communities and about partnering often with governments about deeper investment that the human capital problem that was raised earlier and so I think there's the short answer to your question about you know is there still a divide is there's much less of a divide than they used to be in terms of a willingness I think in terms of governments international donors partners like us the private sector to find ways to pool and use capital productively against particular outcomes there's still and why we use the word model advisedly is there still they're not always great examples of how to do that and so you know the shifts of what the governor's talking about you improving the ease of doing business is clearly one important tool and leave it to do that creating some of the types of partnerships so you can see how those operate is another of the kinds that you know we've been talking about here and then the third element and I think this is part of what the world economic forum aspires to be and I think actually the dialogues that have happened here say it were for Africa over the last five six seven years have helped draw and pull some of these issues together is how do you then turn these into longer term at scale that's of investments that there's one level of scale which we do already reach was in the tens of thousands or hundreds of thousands and that's important but in Africa we're talking about the millions and tens of millions of people that still need those opportunities of the youth in Nigeria or wherever it might be and that's where I think we're hopefully on the cusp I tend to be an optimist about the models but we've got the willingness of the various parties to come together around this but we haven't yet been able to implement that at scale so so unfortunately we're we're drawing very much to the end I want to put you all on the spot a little bit in in the middle of July in Addis world leaders are going to collect for the financing for development conference we haven't we haven't talked very much about the official development sector but at that conference and it will be it will it will have as a parallel conference a business conference if I push you to say two things that you think would make the greatest difference coming out of that conference to your work on the ground or to the issue of catalyzing capital for Africa what would it be governor let's start with you and this has to be very quick fire mm-hmm yeah I think one is we we've done the last few decades with moment financing focusing on our government projects and in fact that first focusing on social programs implemented by government I think we need to move a step further where but somehow started in some development finance institutions where we can leverage this development financing to crowd in private sector financing I think that's key how we can that's the branding of the financing as we are saying I remember discussing with African Development Bank about two three years ago on how maybe the allocation they give to Rwanda instead of using it as as just money spent on a given project we can use it as a guarantee to bring in private sector investment in our country so how we that partnership between government the private sector and the development partners coming together to in most cases you have one official financing can bring in like a three units of private financing if we can really have that sort of architecture thought of and worked that could bring in more capital to finance development in our countries I think that's really key okay guarantees and and I think I think some of that will incidentally be on the table and in Addis Nathan you have only about 30 seconds 30 seconds you know I believe that you know a focus on infrastructure development in Africa is a big big opportunity for us to accelerate growth and attract foreign direct investment and attract local investment it is a big delta and I believe that our continent can add a number of points of growth by just increasing and improving the rail networks we have communication electricity if you look at the potential of just having effective electricity supply across Africa and the multiply effect of that across industries you think about the formal and informal sector is incredible so I think that would be something that I would like to see out of this conference how we gonna development finance that will allow us to strengthen our infrastructure because that's basically the end of the day the backbone of the industry without infrastructure that works it's very difficult to run a business that competes internationally and that infrastructure may need the guarantees that the governor has been talking about yeah Mark I think really building on what's been said is these conferences and it's not the first financing for the development conference tend for political reasons often to degenerate into discussions about the role of aid the obligations of the west versus the obligations of developing countries and I think the real opportunity of this company is to make it a truly 21st century discussion about development finance which is exactly the theme we've been discussing how can these different pools of capital come together public private philanthropic and others against very core development outcomes that are going to be self-sustaining and generating growth whether it's infrastructure human capital and other investments thank you Sam I would I would resolve to stop the trend towards financial balkanization of the countries and I would accelerate at the free trade area okay a very ambitious agenda I have to say before we end I wanted to invite up Terry Toyota who leads the wefts blended finance initiative to just say a little few words about where we are now on that initiative 30 seconds I got the message so thank you all for a very rich discussion but what we often hear is what happens next and how do I engage in this very relevant topic and so as Caroline mentioned the World Economic Forum is institutionally committed to this topic of blended finance but what does that mean it means as Mark said identifying and amplifying some of those creative models that you are using in your institutions and in your countries and bringing those to scale or where possible replicating them to other sectors or geographies additionally we are looking at new solutions and new forms of partnerships for where areas that there are still gaps and for breaking through some of those barriers that the governor also highlighted and perhaps at a more fundamental level working on knowledge products such as this primer which we're just releasing that actually helped to bridge some of the language barriers because blended financing by definition brings in such diverse audiences and sometimes it's actually a matter of just speaking a common language and we found that very a very practical issue to solve so just to mention that this is an initiative of the World Economic Forum in collaboration with the OECD Gates Canada many others are participating quite actively in it so would encourage you to let me know if you're interested in being a part of this and moving this forward with an aim as we all know to closing some of those financing gaps and making more better social and economic progress I have to give a plug for our transformation maps these were launched in the annual meeting in Devils in 2015 there's a booth on it basically they show how the pieces in this multi stakeholder environment really connect on development finance or blended finance so thank you very much for all of your participation thank you Caroline and to all of the panelists thank you very much all panelists