Skip to main content

tv   U.S. Global Leadership Coalition Summit U.S. Lending and Private Sector...  CSPAN  June 20, 2018 1:50am-2:40am EDT

1:50 am
the u.s. global leadership coalition held its annual summit in washington, d.c., monday. in this portion, panelists, including delaware senator chris coons, talk about public and private lending programs in the developing year. this is 45 minutes. >> thank you, thank you. >> hello, everybody. and welcome to a very distinguished and fascinating panel! i'm always glad to be back here because what you do and what you stand for is so incredibly important and your voice and efforts are always so needed and welcomed. the discussion that we're going to have here today really
1:51 am
revolves around the highlighted opportunity to strengthen one of the tools of america's global economic engagement which has the support of the administration as well as bipartisan support in congress. no easy accomplishment these days! and that is development finances. let me set the table just a little bit, if i may. since 1990, extreme poverty has been cut in half in many of the fastest growing economies in the world today in the developing world. right? yes. creating economic opportunity for american businesses and interests to sell their goods and services. but it can be hard to get the financing because these markets are seen as carrying higher financial risks. and economic opportunities are nonetheless real. this is where the tool of economic development and development finances comes in. so opec helps provide economic
1:52 am
development by risk insurance, financing for u.s. businesses when private sources of financing is unavailable. does it work? yes. since 1971, opec has helped thousands in exports, supported hundreds of thousands of american jobs and returns money to the treasury each year because its loans are repaid with the default rate of just 2%. so it helps reduce the deficit actually. a little bumper sticker. today our question is for these remarkable policy makers and experts: how can the united states do more to unlock the potential for economic growth around the world while creating opportunity for american businesses to be there to take the risk out of the financing. so ray washburn, thank you so much for being here. and bob iniglio, thank you so
1:53 am
much. and thanks for stopping by. if you have to leave a little early, we understand. but we hope we'll be able to hang out together. >> let me start with you, if i may. when you were nominated to lead, you promised to -- to build opec, you promised to build it. i'm interested in on how you and your business program formed opec and why this administration has become such a strong supporter. >> sure. first before i start on that, i want to compliment senator coons. when i was nominated for this position, opec would be eliminated. >> i was going to ask you about that. >> yeah! well, going to my confirmation here and they're like, why do you want a job that may be
1:54 am
eliminated a month later? but senator and coons and through his leadership convinced me that this is the job and this is the organization that's going to be here to lead. so she deserves a lot of credit for where we are -- >> and what that leadership is like! [ laughter ] >> what i saw in opec -- i came out of the private sector. i've been with several bankers and in the manufacturing business. i can see going to foreign countries what an important resource having available finances is. i spent a lot of time in africa, in zambia, for example. and my family has worked in orphanages there. and so i've seen on the ground the difficulty of just simple things like logistics of getting things into the countries. when i sit and talk to people from these countries, they can't get financing for longer than a few years at very high interest rates which really keeps the ability to do business away. i was in honduras two weeks ago. honduras is a country that's very important.
1:55 am
the entire northern triangle of central america, honduras, el el salvador, guatemala, big tech industries down there create thousands of jobs in the u.s. but conversely, the unemployment rates is about 50%. generally they come to the united states. if we could provide opportunities for them in those countries, there's no reason for them to come to the united states. they don't want to leave their families and friends. but there's no access to capital in those countries. so in the manufacturing sense, opec providing very affordable financing with terms of 15 to 20 years. that enables people to commit to big factories. >> you've gone from zeroing to doubling this thing from the manufacturing point of view. how did that happen? >> well, i talked to a lot of people. so -- no. the real story is the chinese have $2 trillion in development agencies. the japanese have 168 billion. opec came in at 22 billion
1:56 am
deployed and the ability for 28 billion. so the build act, we're going to get up to 60 billion which still is very minor on the world stage. and we haven't been reformed since 1971. but the two important aspect that is we're getting, we had to have as one, the buildable and feasibility studies. a lot of these countries we can look at and we're asked to take a look at. we have no idea that's the place to be. so opec has always answered the phone, not been out to look. we haven't had a tool to go out and show people. >> that's changing. >> that's changing. and now we'll have equity authority. in the past, that was the most important aspect. other countries don't want to do business with us because we're just a dead instrument currently. but now we have the opportunity for an equity prevention. a lot of these can't stand debt. they have to have equity. we're still small on the world stage but we're still the
1:57 am
leader on the world stage. everyone wants united states involved. opec is open in 130 countries. we have 675 projects. since i've been in office, i've been to over 20 countries. and everywhere we go, the need is incredible and the chinese are everywhere. >> we'll come back to that. i want to ask you what you said to make him decide to take this on in such an enthusiastic way! >> ray is great to work with. he has a love for africa and understands these markets and finances. and to have someone with his passion and energy and engagement taking on the role of leading opec with an openingness to not just sustaining opec but modernizing it was the right man at the right time at the right place. the act is bipartisan and bicameral. we have a very broad, significant number of cosponsors in the senate and the house. i'm grateful to republican chairman bob corker, the former relations committee. he's really been my lead on this in the senate.
1:58 am
and ted yoho out of florida and dan smith out of washington in the house. we have a dozen of cosponsors that understand the spectrum. and frankly, this is a great moment to do something that's good policy, good politics and important for our role in the world. as ray said, in my eight years as a senator with the african subcommittee, i went to a dozen countries in africa and saw the united states had been significantly eclipsed by china as its major source of infrastructure investment, export and developer partner. and this is also true in central and south america and asia. all around the world, united states was missing a critical opportunity. and to have the chance to work with ray and a great bipartisan folks in congress, to modernize and strengthen opec, to give it equity authority the opportunity to do advance studies, but also to do -- to issue loans and local currency,
1:59 am
to take on investors who are not u.s. ambassadors and strengthen new instruments for its scope and reach is exciting. we'll still be smaller than our european counterparts and the chinese. but we'll be moving in the right direction. we'll be able to work in partnership with the dfi's with our core and nato and european partners. and we'll have a significant role in the developing role in a time from what i hear from all over the developing world that they want us. and the politics of the moment is we are going to gradually decrease, i think, the amount of grants the united states government is giving through. this gives us an opportunity for usiad and a new reformed opec to lead development initiative using private capital. that works for politics. that works for policy. i think it's a very smart initiative. and i'm thrilled the trump
2:00 am
administration has embraced it enthusiastically. >> you were talking about the bill act. and you say there's no way additional aid will be sufficient or most effective way to harness resources necessary to bring the world's poorest countries out of poverty. official development is now dwarfed by private capital. >> correct. and one of the striking things, congressman ted yoho is a freedom caucus member, republican. he came to congress convinced one of his main goals would be to eliminate foreign aid. >> eliminate? >> get rudd of it. the guy -- get rid of it. they have been persuaded through their engagements to seize this moment of opportunity for private capital in which congressman yoho is a real champion of, private capital partnered with the u.s. government can be our most significant tool of development in the coming decade.
2:01 am
i think that's an important moment and a big change. if you look backwards, the republican and democratic administrations have had one or two big initiatives that impact the continent. i'm most interested in africa and the developing world. power africa and ally. this has the promise to be the most significant initiative of the trump initiative in the developing world for a way to harness what we're best at to meet the moment in the developing world and tackle what's left of extreme poverty and create export markets. >> private capital which the senator was talking about, is playing a greater role driving this global development. only 10% of the financial flows into the developing world come from official government assistance. 90% comes from private capital, actors, that kind of thing. so how do you and how do
2:02 am
private investors, private sector, work alongside america's developing finances like opec to provide these opportunities that we talk about? >> thank you. and also thank you to the council to participate today and be great leaders. i have to remind you that in well over 100 countries, across the middle east or south asia or central america, we were in the congo before we were in connecticut. our history is a long one that i was in congo many more years and living in kenya. but our footprint as a private sector investor and banker for many investors. and i will say the social enterprises, nonprofits and others just on the ground. clearly the role of private
2:03 am
sector capital is just for the future for all the countries we're talking about. we've worked with opec for years. we've watched its evolution. most of it the past seven or so years, about $3.2 billion in financing together. i should say that's not that opec finances are up. we cofinances. we are originating in a local market, local country, local currency and local law. and i would say this is a very unusual. and we'll cofinances together, risk share. that's really developmental. >> give us an example of that. what that actually looks like in terms of a real project or investment. >> sure. i mean, we could look at -- we just recently did one in ghana. it was about $40 million to a bank there. only 6% of the population has access to formal banking credit there, 6. so small, medium size enterprises. as you may have said, very hard
2:04 am
to access. and once financing -- here's one example of what we may do together. in jordan, we worked together on a microfinancing institution. a microfinances institution there or in turkey or elsewhere will be lending to small entrepreneurs. in most cases, we originate a loan. in opec, one of those risk takers it would not be possible to do the volume that we do or go -- perhaps that edge will get small enterprises and local institutions into the private sector without a partner like that. we both take risks. yes, it is developmental risk. it's new. but it allows many private sector participants themselves raise their visibility in the private market. and to access capital heartily thereafter from the public.
2:05 am
and that's not the case with many of these other agencies. we work with many. we like to work with opec. the dutch, the british, the germans, and chinese. also very active in this space. there's a lot about having an opec involved in your business. it's good due diligence. they look at the labor laws. they look at the sustainable in the environmental conditions of those bars. and that sets a benchmark to any company that will go out there and try to raise public or private funding thereafter. >> let me ask you a question, both of you, with risks of private estates. you talked about this in your remarks i was quoting from the other day. 1/3 of the investments with private banks have a connection to national security. you talk about that. you talked about how developmental finances tools can help with a return on an
2:06 am
investment that correlates with national security. >> well, under the example of what we did recently in africa. it's called afritel. it's a cellphone to you and infrastructure business. it's only going to countries where the gdp is $450 a person or less. you may imagine, how does that make a return? well, opec's inexpensive financing, we're able to bill out a phone network. people then have access to phones which they can get mobile banking. they didn't have access to that before. it opens up to the entire world. we feel that helps to stabilize societies. in that sense. >> the last congressional delegation i led in africa, we went to niger and burkina faso. two countries that have been the targets of aggressive, increasingly larger terrorist attacks in recently years. two countries that are real partners of ours. if there aren't opportunities for growth in countries like
2:07 am
these are the majority of the -- where the majority of the population are under 25, there aren't many chances for entrepreneurship and growth, there aren't many answers to the puzzle. so having opec available to guarantee investments or loans, projects or development opportunities in countries that are trying to move towards stability is a critical piece of the total investments we're making in these countries that are both developmental and security. these are countries where the heads of state were very welcoming, where security forces are closely aligned. but where economic growth has been allusive and we're without that access to capital, it's unlikely they're long-term going to be successful country without that. and these are all markets where smitty would not be investing without a partner like opec. so opec was a new development finances institution. we'll be able to make strategic
2:08 am
investments in front tier or developing markets that can stabilize fragile space. that's a key piece of our development. >> real quick. we were going to multiply on everything we do. so if we end up lending to a textile manufacturer and they have 100 employees. there's a multiplier of five to seven jobs for every new job created for suppliers and down the food chain of people. so it's not just one job that we've created. you have to look down and the multiplier effect upon that. that's bringing employment to these countries that severely need it. >> there's a lot of attention on how american taxpayer dollars are being spent or lent around the world. they have special challenges and special risks. so what do you do at opec and citi do to ensure yourselves that these are solid
2:09 am
investments? and what do you have to do in statements like this to make sure it's a safe investment? >> there's a large equity component that goes into these. we're not making 100% loans. we're making 50 to 75%-type loans. there's a tremendous amount of equity in these projects. one reason is our defallment rate is so low is they -- default rate is so low is because they've been careful. so a lot of them are very risky. we're the lender of last resort often. what does a citi loan do without us? what do a wells fargo or anybody else? we're not crowding out private business and private banking. we're there because no one else will go there. but there is enough of an equity component in there to hopefully modify that. >> and to your point about folks being concerned about
2:10 am
taxpayer dollars, opec has returned money to the u.s. treasury every year it's been in operation. >> and, you know, we're lending colending with opec. we're certainly not going to look to lose any money in this either. it's being on the ground in many ways. i think opec looks for partners on the private sector on the ground. even in countries where it's very challenging. we are together whether it's guatemala or honduras, africa or asia. i think it's that due diligence you do. but it's an early stage. there is risk taking there. it's the kind of risk taking that can have exponential multiplier effect for us with small enterprise. many of the enterprises we do together give access to women. we did about -- i was looking about $450 million of financing with opec. just 15 solutions in 20 countries that would be
2:11 am
microfinances solutions. those reached to over 1.3 million bars. 88% for women. so a million women. that's not easy to do doing conventional banking. and you certainly wouldn't do it at an early stage without good partners. >> so we have this -- the first thing i did when i came in office last august is we started a new initiative to focus lending on female, lending for businesses on lending. they created $150 million. i was at the summit last week. we committed with other g7 countries to mobilize $3 billion to totally focus on women. and so no other organization, government has done that. and so what we do is -- to his point -- we'll go to a local bank and 20 to 25% of loans are earmarked 100% for women. and so they're able to buy a truck, get a small business,
2:12 am
get a phone. a big part of it is just having access to capital. and we can do that through the bankers. that's a big part of our mission, too. not only lift -- but lifting everyone up. >> let's look at the other subject point for a minute. talking about this assistance and support going into developing countries. but let's talk about the return on investments and payback for american companies and u.s. exports. there is a correlation. >> absolutely. if you look at our history of the last seven decades, today 11 out of 15 of our largest export markets were at one point development assistance beneficiaries to the united states. so the simple, biggest example in terms of moving from abject poverty to being a robust partner of ours is south korea. there are many others. japan, germany after the war. but there's other places around the world where countries that just a few decades ago were receiving u.s. assistance are major export markets for us. i posted an annual conference
2:13 am
in delaware a number of years. usgot helped put it on last year. i tried to connect with my constituents and help them understand how a real and robust market for delaware businesses in the developing world. in some cases, where opec has made the deciding difference to export for companies large and small. >> opec has made the difference? >> uh-huh. so, you know, some of these are very small. for example, an iron bridge. a gal vennizer or exporter. some were smaller or well established companies. but what matters more than anything else, i think, is the average american needs to recognize that u.s. foreign assistance has changed and modernized dramatically over the decades. that this component of it returns money to the treasury but also helps create export opportunities for american businesses. i spent eight years in manufacturing. we both spent times in manufacturing, ray and i.
2:14 am
we're a small percentage of the world's gdp for the growing market. we have to continue to grow export market opportunities. having opec or a modernized development financial institution is a key piece in continuing to win in export market world where we face aggressive competitors who have larger, better resource cfi. if we can get opec and ps engaged, i think we can win the global market. >> we look at the logistics part of the operation. it can be ports, airports. open that market up to tourism. that brought american airlines in there. >> infrastructure. >> infrastructure. hotels came down. so that became an export. we can't build that into our matrix because that's not one thing we do, pure export.
2:15 am
but you look at the logistics end of it where we can get the full goods out of the united states in these areas. and that's a big part of our focus. >> i know we'll lose you in a minute because you have a job in a place called senate. [ laughter ] >> this is a lot more fun! this is more purposeful, more productive, and more fun than what i'm doing back there! forgive me! [ applause ] >> all sweet stuff with pride. >> and frankly, i cannot tell you how grateful i am to the usgoc, to my partner here, ray washburn, and my democrats and republicans in the senate that have worked hard for many, many months to get this bill to the place it is. it's more enjoyable to the hearing i must return. >> i know how much your participation and your enthusiasm and passion means to usglc and this cause and to your conversations with people on all sides of the aisle
2:16 am
because you believe in this so much. but talk about that for just a moment before you leave, which is the politics of this moment. how this conversation and what opec does and its approach to investment can -- clearly you're experimenting this with the build act, right? >> right. >> how are you doing and where are the politics on this? >> well, what's good -- what's striking about the reach of the cosponsors of this bill, as i mentioned, is to have a congressman yoho and smith, senator corker and myself. if i listed the whole 40 or more bipartisan cosponsors, it's literally every point along that span. my very first trip overseas eight years ago was with bob corker. and time invested with him traveling to afghanistan, pakistan, jordan, and us real laid the foundation of a working relationship -- and israel laid the foundation of a working relationship. he's been a tremendous partner.
2:17 am
the usglc recognized this at a point where i wasn't certain i deserved the recognition but i know corker did. i get a paycheck every two weeks. my w-2 says legislature. i think as a result every time i cash the paycheck i should be able to identify what's the next bill i'm working on to move. the way our system is structured, i cannot move a bill that's not bipartisan. if i can't fight a republican to work on a bill, why do i introduce it? this doesn't seem complicated to me. this is an area that makes sense, that works, is good policy. it's not in the front page of "the washington post." but -- >> but it'll get you here! >> but it'll get me here! >> and you don't know what other senators, constituents are saying to them. i just know what mine are saying to me. and they say to me literally every week, they get me on the sidelines of a soccer game,
2:18 am
getting out of the church and say, look across the aisle. get things done. figure out how to get things moving's a state where even though we have differences about some of the big issues that do divide our parties, they want to see us working together. and this actual partnership is the kind of thing that gives people hope that our system can work. and folks, in closing, we are in a -- the rest of the world is watching. and to the extent they see our politics fail to provide meaningful answers to the questions the average american has, that gives the tool whether it's china, russia, or other country to say "don't have the messiness of democracy." don't have the problems of, you know, human rights advocates and a free press and all that messiness of an open society. follow our model which is one party and state sponsored
2:19 am
authoritative capitalism and you'll develop rapidly. we're losing this fight. so the more we can show that we can work together, long slative, democrats and -- legislative, democrats and republicans, the better chance we have on the world stage. the more we squabble, the more we're losing ground globally. i worked in the private sector before i got elected. maybe that makes me too progress mattic. but i'm -- pragmatic. but i'm looking forward to this bill getting signed into law! [ applause ] >> before you go -- and i would invite you to step up to the mike now. if you have questions, we'll have questions for our remaining guest before you leave. but i want to ask you this -- and something we've talked about in different forums. i think it's important for you to be heard. why this? opec and america's engagement around the world? how does that mean to you so
2:20 am
much personally? >> as you know, frank, i spent a semester in kenya in 1984 as a very young man. i wrote my senior honor speech in college about the role of congress in u.s. foreign aid policy never imagining i'd end up a senator there! it's an exciting opportunity to make a difference. i've seen traveling with my good friend johnny issacson, traveling with bob corker and flake, i've seen the difference that opec projects have made in the lives of people in developing worlds and the opportunities it's creating for america. i mean, this is just a pragmatic right in front of us, possible way for us to have a real impact on the world. and to me, the end of the day, that's what public service is about, solving complex problems in ways that help people around the world and that shows america at its best. what a great combination. what a great thing to do. >> thank you. >> thank you.
2:21 am
>> give our regards to your colleagues. i'll come to the mike in a moment. anything you'd like to say? >> only that. i think he summed it up brilliantly. we watched agencies in europe very much using their tools. >> good? >> hold that. >> we've spoke several times about the competition out there -- can you hear me? we got -- there we go. and you've mentioned china on more than one occasion. this is a very competitive landscape.
2:22 am
[ whispering ] >> how's the partnership going? >> that's a first -- >> we're not going to compete with the chinese dollar for dollar. as i travel around the world, you get off in zambia. you go by the chinese, -- you get to zambia and the soccer stadium is built by the chinese. the airport is built by the chinese. when the project is over, they leave the workers behind and create a chinatown. this happens all over the world. and they're just kind of making these cells in these different areas. they plant these cells in all these different countries. can we match it dollar for
2:23 am
dollar? no. we just have to be smart. we have to be -- that's something we're very focused on. >> let's go to questions. go ahead. try that. >> thank you very much. i just wanted to point out a couple things and ask you a quick question. 90% of the job for the poor, developing countries, are those of self-employment, not employment. and 90-point of the businesses that are involved -- 90% of the businesses that are involved
2:24 am
are startups. there are very, very companies that are actually in this space that have a sliver of their wheelhouse in this space. and i think we are all wanting a sustainable approach to development, one that's smart and one that involves business. but the reality of this marketplace and, of course, what you folks are suggesting here other than microcredit which is just at the bottom of the pyramid hopefully. but it's a trickle down approach. it really is trickle down. and you don't find them getting employed. there's still incredible unemployment. >> well, from our standpoint, it's just availability of credit, these people. and when you travel the world, what does everybody have? you go to the worst slums and everybody has cellphones these days. if we could just get a mobile payment plan. for example, in a lot of countries, you have to pay for your electricity every single
2:25 am
day. you have to hit it and it's like 10 cents a day. and if you don't pay it, they collect it. so that's the beauty of the apps on these phones. we can create very, very microloan programs. they lend the money at an interest rate -- very low interest rate. but they do it at a way where they can start these small microbusinesses you're talking about. and everything you said, we 100% agree with. >> we also say, i think we focused a lot on microcredit. my grandson is an entrepreneur. opec is reaching those small businesses which then create employment. when you get to things like these platforms, although they sound distant -- when you think of kenya, we're using a mobile payment platform to provide
2:26 am
payments 250,000 small profits all over the country. about 11,000 transfer them on. you may get a loan for fertilizer or supplies. allowing people to work and not have to go to cash to their towns to make payments takes an infrastructure. and it takes the apps and platforms to expand that. in mexico, we have private sector partners, 7 million people on that platform. in our bank there, 85% of whom never had a bank account before. so this new technology do take investments, though sometimes in the micro, just as they do in power and water and help us to work down the value chain. >> and one other point on that is the credit risk of these is actually very, very small. this is a chance these people have. >> uh-huh. >> and like you said, a small 5
2:27 am
or 10-dollar loan. we don't want people to feel like it's an entitlement. here's $10. go small a business. -- go start a business. we'll loan it to you. you pay it back. we'll loan it again and you pay it back. and that creates a free enterprise, capital society where people understand the credit side. and that credit risk is very, very low on something like that. it's higher on a bigger loan because people think they can walk away from that debt. >> question over here. >> very interesting. and especially if your concerns with china. but let me ask you with something perhaps very simple. how does the development impact help local american economies. in a small town like where i come from, scranton, pennsylvania.
2:28 am
>> great point. as we said earlier, for u.s. companies and businesses to get products out, they have to have a logistics chain to get products out. a lot of what we do in these countries is -- as i said in the northern triangle -- it has an incredibly high unemployment rate. what are those people doing? they're coming to the united states. if we can stabilize those economies -- as the general said earlier, you're not putting boots on the ground. you're putting jobs on the ground stabilizing those governments. so how scranton, pennsylvania, benefits is you get a more stable, worldwide economy. >> i have something to say about that in looking at the -- >> yeah. only in the sense that when -- i think when many of these economies thrive, we all benefit. from a stability perspective, yes, but they are new markets. the most rapid growth for many of these same countries is development.
2:29 am
and that's very important. american companies will be the buyers of your own produce as well of products. maybe not everyone's businesses. but thriving markets are -- and you know what the thing is? people inspire in the private 11:00 to the u.s. model of business. i find this great response. we see it all over the world. i think, you know, all of us just have to look at the opportunity that is will come from robust partners around the world. >> and also -- onto that question, too. one thing when we review loans, we don't finances companies that export to the u.s. so we're not doing a steel mill -- columbia didn't export steel to the united states. so our loan processes, we can't displace a u.s. job. and so it's very important to remember that. so what we're trying to do is create other economies that are strengthened and other countries -- if they can export within their region, then they can't export back to the u.s. >> then they can import from the u.s. >> they can import a lot of
2:30 am
things from the u.s. >> everyday i advocate and promote export opportunities for companies throughout kansas. but what i found is an effective argument that does not resinate with everyone. can you talk about how important the impact is on foreign policy? and different messaging that meets a broader audience. >> great question. >> so from a foreign policy perspective -- as i said earlier, stability is our goal. we want stability throughout the world. and when you get instability, you have people without jobs. and opec, we do loans in afghanistan. we do loans in iraq. we do loans in countries -- our
2:31 am
cut point is $15,000 g dp per person. that sounds like a lot. gdp in ukraine is $2,500. mexico, it's $10,000 a person. so the more we can create stability in those markets and new jobs, that's what resinates back hopefully to the people in your neighborhood is, we all watch nightly tv and these people are running around and throwing rocks at each other. wouldn't you rather them walk down the street and going to a job? >> what about other talking points do you find are effective as you go around the united states? things that resinate with people when you're describing what you do and what its what we want in the united states is -- we're a blessed country. we need to share that wealth in some sense. but we don't necessarily look at it as just giving entailments, giving it away.
2:32 am
there are certain projects you talk about. if a country is starving, then we deliver food. but we'd rather fund small businesses to grow and strengthen an economy. when you go around the united states when i talk to different businesses, they're saying, we'd like to go to that country in central america or that country in africa. but the boiling risk is too high. so where does the u.s. company want to go? where the risk to their dollar is less. if they go to vietnam, they have a communist government but we're trying to strengthen that government to get away from the chinese. that helps give them cover. so when people hear that, that's how we're thwarting the chinese, we're giving them access to capital themselves. >> the next question? >> question for you, ray, and a joint question. equity availability.
2:33 am
will that availability give debt? or is it strictly one or the other? talk you talk about the concentration of cities .... [ inaudible question ] >> the reason we need the equity piece is a lot of projects can't take a lot of debt. so they need equity. in our case, we provide the debt product. other country's dfi's, don't want to go on the equity side because they don't feel we have the skin in the game. we could have the debt as a smaller piece of the overall stack. and we would be good on the equity piece. >> i think on the geography, it's very diverse. i think recently, we've been traveling and looking at or introducing private sectors to clients in central america, mexico, africa. i think pakistan is a place that's been a partner in the
2:34 am
past where we look at opportunities. i also want to say sometimes we're in very fragile or complicated government situations in the local market. the private sector, though, is a very important ally to us in the u.s. in those countries. they're trying to get on and to do business and to provide a thriving economy. that may not always be possible at the government level. but we're not blending financing and working at the government level. but it's really about that private section of locals. and that's an important part of the u.s. >> one more question. go ahead. >> a question on, how are you maximizing the demographic dividends? because they need to have a job. they also need to have funds.
2:35 am
they also have to move up in their markets in terms. just make it simple. so one of these strategies .... [ inaudible question ] >> demographic dividend. >> correct. >> sure -- >> internet is probably making all of this evident. >> he's asking on the education side. well, we do lend to schools. we have schools all over the world that -- they're more trade school types. but you have to create people with a skillset to deal with this new economy. and very much so on the electronic side with the computers. we have computer training classes and things like that. but you just have to build a society up with the basic
2:36 am
education. and we've been very successful in that space. >> and i think we've been working and looking at opportunities. again, opec is close to education, among health care providers. and many of their partners and clients are for social enterprises. the u.s., very often, are nonprofit that is have created those social enterprises. sustainable and delivering to services. >> thank you very much for your question. and i very much would like to thank all of you and senator coons for leading this conversation. it's beyond inspiring to hear places where there is a real sense of momentum and agreement and bipartisanship, especially in something that's so important as this. so will you join me in thanking them. >> thank you! [ applause ] "c. span's washington journal ," live everyday with news and policy issues that impact you.
2:37 am
coming up wednesday morning, we'll talk about the trump administration's zero tolerance immigration policy and family separation at the u.s.-mexico border with sarah peterson with the immigration policy institute. be sure to watch "c-span washington journal" at 7:00 eastern, wednesday morning joint the discussion. -- join the discussion. wednesday on the c-span networks, the u.s. house returns at 9:00 a.m. eastern live on c-span. at 10:00, they'll consider several bills aimed at battling the opioid epidemic. on c-span 2, the senate continues debate on a 2018 federal spending package for funding water projects, the legislative branch action military construction, and veterans affairs. and on c-span 3, commerce secretary wilbur ross testifies on the trump administration's recent tariffs. that's 9:00 eastern. then they begin to mark up the
2:38 am
2019 budget resolution. that's live at 10:30 p.m. eastern. this weekend on "american history tv," c-span 3, live coverage from the gettysburg college civil war institute annual summer conference. starting saturday morning at 8:30 eastern with villanova's judith eastburg on union troops and pornography follow by kent brown on union commander george immediate at the battle of gettysburg. and later, former park director wilson green on the battle of the crater during the siege of petersburg. our coverage continues sunday at 9:00 a.m. eastern with new york historical society's jonathan land on desertion among african american troops during the civil war. at 12:15, brooks simpson on abraham lincoln and his relationship with his
2:39 am
commanding generals, george mcclellan and ulysses grant. and then a discourse on elizabeth van lou. watch this weekend on c-span 3. next, former governors and presidential candidates howard dean and chris christie preview the 2018 mid-term elections. rachel martin, host of npr's morning edition. this 50-minute discussion was part of the annual summit. thank you, gary. thank you for having us. it was not lost on me today in the green room just now that here we are. [ laughter ] two er


info Stream Only

Uploaded by TV Archive on