Mr. Andrew McDowell:

We jointly finance the projects with the states. If the state is building a motorway and looks for EIB financing, we do not manage the development of the motorway but we provide the financing. The state has a choice about how to do that financing. It can either borrow from us directly, in which case that borrowing is on the government's balance sheet and is part of the national debt, or it can establish or ask private promoters to establish a particular structure that builds the motorway. The private sector then has to pay for the motorway and the government only pays for it over a long period, for example 30 years. That is a classical PPP structure.