I am at present pained by a Med Basin blah blah proposition for financing that I got on my desk that just was passed on.

I have, i should say, despite my [classic] Liberal attitudes on market and government policy nothing against market enabling international or national programs that aim to overcome either (and let me emphasize the near equal evils in the post Soviet world) governmental - usually in my experience this past decade the worst - or market barriers - I will call them wrinkles.

Having noted this, I have to say that the ability of "Private Sector Development" programs to produce complete idiocies is amazing.

Or not amaizing as even when these programs engage peiople like myself, or when the development people design a "private sector development program" the real incentives are bureaucratic and here is the rela problem:

NO ONE CAN ADDRESS THE REAL PROBLEMS - because real problems reside in (i) budgeting timeliness - esp. yearly national ones that drive worse decisioning and thus playing to worse cases, (ii) contract horizons, as some of the real value add propositions require a venture capital (6-10 yr) perspective. Oddly that is one reason to outsource - fully but with proper reporting and ongoing macro committee - this kind of highest impact assistance....

But let me return to the reason that provoked my reaction - which I should highlight is not "incidental" but really built on my experience:

One of the EU MEDA programs approached my firm for advisory services, etc, re an company they are trying to support, whose financing was rejected. Looking at the proposition, it was not difficult to see why, as who would bloody well finance 100% of an XX million Euro project with debt. Who the fuck pimps 100% debt in emerging markets?

Of course the development people who are motivated by ... well the incentives their projects give them and and are not real business / finance people will not see the sheer madness of such a proposal. Above all for a 'start up'

But there resides the problem.

How do you get real needs serviced? I freely admit despite my 'Ultra Liberal' tendencies that this needs extra private sector intervention, but as frankly the Sachs bloody whanking on serves nothing.

The question, how the bloody fuck can one overcome the problems noted, structurally?

I know how to do it at my level and I am happy to put my own equity at risk - but the problem is not this Lounsbury, it is .. a model.

And I don't bloody well have an answer.

I wish I did.

I really do.