I am confident that there are hedge funds, banks or investment companies that could allocate five percent of their portfolios for risky investments. In any event, for countries like Afghanistan the formation of an entrepreneurial class is of vital importance.

The Pashtuns feel discriminated against by the Americans because they supported the Taliban and the war is still going on in their region with continued U.S. bombing. They are also disgruntled at the overwhelming power of their ethnic rivals the Tajiks, who dominate the security forces in Kabul and control the key levers of political power. Although Karzai is a Pashtun also, many Pashtuns consider him a hostage to the Tajiks and Americans.

The fact that there are no longer large units of Al Qaeda running around means you don't need B-52s. You need intelligence and special forces. And, most importantly, you need to resurrect Afghanistan from what is literally the graveyard of countries and transform it into a normal country, which the Afghans want.

America does not hold to the colonial tradition. America came, liberated Afghanistan from the Taliban and al-Qaida, came to an arrangement with Hamid Karzai, wanted to organize elections as soon as possible and then withdraw. The Bush administration thought that once there is a democracy, everything else will fall into place. If today you speak to the architects of the 2001 Afghanistan Conference in Bonn, they will tell you that instead of being fixated on elections, we should have built a State in Afghanistan with an army and a police force first.

The problem right now, which I've been pointing out very bluntly to American officials in Washington, is that the U.S. has no economic presence in Afghanistan. The Afghans can't point and say, "Oh, the Americans built that road. They built that telecommunications facility. They built that electricity powerhouse," because nothing has been built so far.

There's a sense of desperation in Afghanistan because of the lack of funding and the fact that the U.S. only has a one-track military strategy. It doesn't have an economic and political game plan.

Dysfunctional states like Afghanistan need business people who are deeply rooted in their country and invest in it. They can add stability. But all development programs of the United States and the European countries unfortunately exclude the private sector, which could make investments based on profitability.