Indeed: it should be directed towards the know-how that can assist developing countries with some of their logistical problems—for instance, the problem of transport to deliver their goods to the market.

I do not believe that the bank should lend money directly to such countries; it should not do what states should be doing. We should make international, or national, political decisions to extend sovereign loans or, indeed, grant the countries money in the form of a gift. If we could be more honest about that from the outset, I believe that the bank would make a real contribution towards sponsorship of entrepreneurial activities in new countries. If we fail to do that, however, we shall be left with a deadweight of an international bank which, 10 years later, will be asking the House of Commons for more money to pay off the debts that it has incurred. Let us pursue the same principles as we apply to our country and our entrepreneurial companies.