|**Table 4: Key descriptive statistics, overall and**<br>|**for origi**<br>|**n, destinati**<br>|**on, and des**<br>|**tination w**<br>|**ith proj**<br>|**ects**<br>||
|---|---|---|---|---|---|---|---|
|**Variable**|**Total**|**Origin**|**Origin**<br>**only**|**Destinat**|**ion**<sup>**(a)**</sup>|**Destinatio**<br>**project**|**n with impl.**<br>**s only**<sup>**(b)**</sup>|
|**Country level variables**||||||||
|Total Population (mn.)|32|86|26|67||105|*|
|GDP per capita (USD, 2005 PPP)|11,640|18,028|60,407|6,354|***|7,295||
|Value of food imports (mn. USD)|3239|8533|12,514|3,158|***|4,440|*|
|Value of food exports (mn. USD)|3,180|8,844|9,217|4,052|**|6,215|**|
|Food Dependence|117|12|211|-30|***|-99|**|
|**Land use and endowment**||||||||
|Cultivated Land (mn. Ha)|8.7|20.2|3.9|16.5|*|26.1|***|
|Non-Forest Land Suitable for Cultivation (mn. ha)|3.8|6.5|0.6|7.4|**|12.0|***|
|Forest Land Suitable for Cultivation (mn. Ha)|5.8|11.6|0.4|11.5|*|18.1|**|
|Suitable non-forest land w. low pop. dens. (mn.||||||||
|ha)|2.0|3.4|0.0|3.9|**|6.5|***|
|Suitable forest land w. low pop. dens. (mn. ha)|4.2|8.7|0.1|8.4||13.1|*|
|Max potential output value on uncultivated, non-||||||||
|forested and non protected land (log mn USD)|7.9|8.3|6.8|8.9|***|9.6|***|
|Max potential output value on uncultivated,||||||||
|forested and non protected land (log mn USD)|7.2|7.7|5.9|8.1|***|8.8|**|
|Yield gap (Percent)|0.60|0.47|0.27|0.66|***|0.62|*|
|**Institutional quality**|||||***|||
|Regulatory Quality Rank (Percent)|49.7|62.5|80.1|38.9|***|40.4||
|Rule of Law Rank (Percent)|49.4|59.8|80.0|35.9|***|37.8||
|Control of Corruption Rank (Percent)|49.5|58.9|80.5|37.5|***|37.2||
|Political Stability & No Violence Rank (Percent)|49.2|49.5|67.5|34.2|***|35.4||
|Voice & Accountability Rank (Percent)|49.4|52.2|64.2|36.7|***|39.0||
|Weak Investor Protection|85.7|70.6|60|90.4|**|87.8||
|Land Tenure SecurityIndex|-0.02|0.61|2.15|-0.98|***|-0.95||
|No. of observations(countries)|215|56|23|84||43||

_Notes:_ The table shows unweighted averages of country characteristics. It includes 215 countries of which 107 are either investors or host countries in the period October 1, 2008 to August 31, 2009 and 33 countries are both host countries and investors. *** denotes significance at the 1% level, ** at the 5% level, and * at the 10% level.

(a) Significance of t-test for difference between averages in destination countries and countries of origin only.

(b) Significance of t-test for difference between averages in destination countries with implemented projects and destination countries where no project is under production.

Other notes: Food dependence is defined as the value of net food imports per inhabitant. It is positive for net importers and negative for net exporters; Suitable non-forest land with low population density is the amount of potentially suitable land that is neither currently used for agricultural production nor settled with more than 25 inhabitants per km<sup>2</sup> is calculated as discussed in the text and excludes protected areas (Source: FAO and IIASA); The value of potential output is obtained for choosing the best culture as the market prices and yields. It is expressed in logarithm of the value in millions of dollars (Source: FAO and IIASA); The yield gap is the difference between performance that is technically achievable and the effective yield observed (Source: FAO and IIASA); The variables Regulatory Quality, Rule of Law, Control of Corruption, Political Stability and Absence of Violence, and Voice and Accountability are from the Worldwide Governance Indicators database and are expressed in percentile of the distribution of descending rank (Source: World Bank). A low value thus characterizes a country where governance is poor; The index of weak protection of investors is the rank of the variable Strong investor protection in the Doing Business database and is comprised between 1 and 215 (Source: International Finance Corporation, World Bank). A high value of this index reflects situations where investors are poorly protected; The tenure security index is constructed by the French Development Agency (AFD). This is the first projection on the axis of a Principal Component Analysis of the variables contained in the land based Institutional Profiles (Source: Ministry of Finance and AFD). The index is interpreted as a measure of security of tenure enjoyed by local people. A low value implies high levels of tenure insecurity.

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