Thank you very much for those questions. I would begin, really, by saying there is no lack of ambition in terms of our infrastructure ambitions for Wales. In terms of where we would see things going next, obviously we have our Wales infrastructure investment plan, our national development framework, which is currently under way, and the infrastructure commission, and I think, together, these three things will help us really pinpoint and focus where we need to be making the most strategically important investments across Wales in the coming years.

With regard to bonds, yes, certainly, Welsh Government can issue bonds, and we have gained those new powers to do so to help fund our infrastructure investment, and, certainly, at a time when our capital budgets are continuing to fall, these do provide us with the full suite of borrowing levers that we could use to realise those ambitious infrastructure investment plans across Wales, but the important thing to remember is that our ability to issue bonds doesn't increase our ability to borrow. So, specific details of bonds here that we might want to issue in future in Wales are yet to be determined because we would only use those bonds when all other cheaper forms of capital have been exhausted, and any funds raised by Welsh Government bonds would obviously be counted against our borrowing limit as well, which is one of the attractions of other forms of finance that we would certainly go to first.

With regard to your comments on the European Investment Bank, I very much welcome them. I think we set out very clearly together in 'Securing Wales' Future' that our interests here in Wales would certainly be best served by remaining a subscribing partner of the EIB because of the direct benefits it brings to our economy, not only in investment, but also in that expertise that I've previously referred to. And, of course, just last week, the House of Lords adopted a report where it noted that UK infrastructure investment had been the beneficiary of more than €118 billion of lending from the EIB, but it also, unfortunately, noted the marked decline in funding from the EIB since the referendum and the triggering of article 50 and lamented the fact that, despite losing our access to the EIB after Brexit, the Conservative Government has said very little about any future relationship with the EIB or any possible domestic alternatives.

The Member referred to the differences between the mutual investment model and PFI, and there are some really key differences that I referred to in my statement. The first will be that we will be requiring very stretching community benefits to be delivered from our mutual investment model projects. I think this is an important and key differentiation. For example, we'll be looking at jobs created, training and apprenticeship opportunities, including for graduate work placements, pupil placements. We'll be looking for school engagement, community initiatives, supply chain initiatives, work with social enterprises, and, also, obviously, support for our small and medium-sized enterprises as well. So, there are some really key differences between PFI and the mutual investment model.

Another one of those key differences, really, will be the requirements that we're making regarding sustainability and the environment. So, for example, to provide environmental sustainability, key design principles for Velindre Cancer Centre will include the use of natural resources and energy efficiency in all possible areas. The A465—while improving the safety, connectivity and congestion of the local area, it will also improve the resilience of other Welsh roads by becoming an alternative route during periods of congestion, maintenance or major incidents and the local area will also see improvements in footways, cycleways, increasing permeability and aiming to improve physical fitness and active travel. And notable environmental enhancements will also be delivered by the scheme in regard to reduced flood risk and reduced pollution risks to watercourses. And those new environments—the new learning environments built through the twenty-first century schools programme must achieve an EPC rating of A and BREAM excellence. So, we can use these levers in the discussions that we have with possible partners in future.