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November 02, 2003
Some random thoughts on Iraq funds
Having been asked to write a memo and analysis of things here, and how to make a Fund with US money work, I've been scurrying around trying to gather informaiton and the like. Frankly, I sometimes wonder if Funds work in this region, the barriers to efficient operation are immense and without close oversight, there are strong tendancies to corrupt practices. Ergo the present mess I am working with.
On the other hand, I see venture type funds as one of the few ways to push real change, and open up real economic opportunities for the excluded masses. The single most nefarious influence in this region is the nexus of corruption, state and private, with oligarchs who are more willing to spend their resources squabbling over a decling pie than to try to bake bigger pies. Even when they talk Western style, the habits that emerge are those of the zero sum game and every family network for itsself. Forcing rationalization is huge pain in the ass. Families keep zombie companies alive for "prestige" reasons and so little Mahmoud will have a business to run.
I suppose I shall try to craft a set of recommendations that are sensible, but then will anyone pay attention, or will expediency work against getting things done for the long term best result?
Posted by The Lounsbury at November 2, 2003 02:03 PM
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Jan-Dec 2003
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