Given the impressive list of distinguished speakers and participants I am convinced that this conference is making an important contribution towards our understanding of the financing of innovation. It also demonstrates that we consider this topic an important area for our own research activities.
As you know, the basic principle underlying these institutions is that even when bilateral creditors reschedule or forgive debt, they need to be paid, because of “the revolving character of these resources”. Some thirty-four countries are involved in this initiative.