 Over the last few years, you've hopefully noticed that USAID, the government's development agency, is going through a pretty serious process of reform. I'm not going to talk about that, but there are a bunch of things that you should sort of just short phrases that you should keep in mind and things that we're doing, all in order to become a more open source agency, to reach out and engage in the world in a different manner than we've done in the past. And we're doing that because the problems that we're focused on require that we do that. So some of the things that I'll just mention, you're certainly going to continue to hear the word partnerships. You've heard from other people from USAID that were at this conference to talk about debt guarantees that we're trying to use in very new and innovative ways. You may have heard about grand challenges. My bureau is involved in one that is going to be coming to you soon, which is on Powering Ag, where we're looking at solutions to a problem that crosses two sectors. You may have heard about development innovation ventures, where we scale up based on evidence, sort of based on a venture capital model. We have platforms, a capital group that focuses particularly on Africa. So there's a number of different things that we're doing. But today, what we're supposed to be talking about is changing the rules. And sadly, I'm talking about the rules and actually how we might be able to make them work better for us. So let me begin. So these two gentlemen are both admiring of you. That's Raj Shah and Andrew Mitchell from DFID. These two men are admiring of this community and the work that you're doing. But I guess I'd have to add they're a little bit worried about you as well. And that's how this project was born. Because they looked at the community, they saw a wide range of different kinds of companies all in this space. And it was difficult to actually understand their numbers. It was easy to understand the ideas. It was easy to understand the motivations. But it was hard to understand the ideas. I'm not going to walk you through these slides. We don't have time to do that. These are from the project that I'm going to describe shortly. But you can see there are people that are just providing technical assistance and there are private equity investors. And they have very different balance sheets and income statements. So this project was built on the idea that, in fact, this multiplicity of partners, while on one hand a good thing, is actually problematic. What it is doing is it's reducing the transparency so that, in fact, the investment world and the flows that are potentially available to support these kinds of projects are not getting there fast enough and at large enough scale. So the question is whether some standardization of reporting in the sector is really necessary. There are hybrid funds that are managing and portfolios but are also engaging in a wide variety of other things. There are very different accounting standards. And donors and capital providers are really unable to make the very trade-offs that you want them to make. We believe that there are investors, there's a significant amount of capital, that wants to look at returns and social impacts and is willing to make trade-offs. But if they can't actually make that comparison, they stand back. They stand on the sidelines. So this project is designed to crosswalk conventional for-profit private equity fund accounting with not-for-profit accounting. Doesn't that sound exciting this morning? And then we're gonna get to contrast key metrics. So this is really just a way of saying thank you to the people that have already pitched in on this. DFID is pitched in with a lot of enthusiasm and support. Deloitte stood up early. Acumen led, jumped into the pool first. And then four wonderful funds, SIFE, Acumen. I already mentioned Acumen. Root, Calvert, and who have I forgotten? I haven't forgotten anyone. Good. So they're all members of Andy. And they have worked together over the past six months on coming up and trying out this template. It's tricky. What they've had to do is kind of separate some of their portfolio management work from some of the other activities. They have to grapple with this whole issue of mark-to-market accounting because that's what the for-profit investors in this community do. They have to deal with difference in how money is handled. I know this is all very exciting to you, but this is the work that needed to be done. So we ended up where we're partially, we're about halfway through this. We had to go back and look at the accounting guidance and we had to start to say, well, where in life cycles are these different, are these different funds and are the companies that they're investing in? So there's a life cycle stage and there's different things that are going on with companies and different solutions in terms of valuation. If you don't solve the valuation, it's very hard issues. It's very hard to crosswalk. And ultimately it's impossible to create a metric of an internal rate of return which is fundamentally what you need to have when you're looking at social impacts. You then wanna look at financial returns in some consistent way. And if you just look down this next, so you can see different funds at different stages, but these are the kinds of companies that in emerging markets, these fund investors are out there finding and they're at all different stages themselves and each of them have either their startups with just an idea going all the way to reasonably large companies, which if you're talking about Africa are not really all that big and all are very small compared to the markets that they're operating in. The potential for growth in these markets is absolutely stunning. So the end of this project is going to be some agreement about a template, some agreement about a principle, some agreements about some measures and then we may try to go the next step which would be to try to come up with a typology that would be again, the purpose of which would be to communicate to the investment world. So that concludes my remarks on that. I said we were at the second half of this project. What we're doing is we're inviting five other funds to join us. We have a list of 15. We want to vary these four that were in the pilot are very different one from another and we want to have five more that are also very different to see whether in fact some sort of template, some sort of principle, some sort of metrics can work. Many, many of the meetings at SoCAP over the last few days have tackled this problem in a variety of ways and this is just a modest effort to kind of clarify some of the financial returns because oddly enough, the community has done a better job of looking at the social impact side. So thank you very much, appreciate your support and if any of you are interested in joining and this next round of pilot, it's not too onerous and it's an opportunity to kind of shape the world the way you need it to be for your success. I would say that I think pretty quickly something like this is going to happen. Whether, so I think now is the time because investors and capital providers really need this assistance in order to be there for you when you need them. Thanks so much.