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Blended finance, thanks to its ability to attract private capital towards projects that contribute to sustainable development while providing financial returns to investors, has been increasingly regarded as a tool to reduce inequalities in emerging and frontier markets. In this chapter, we adopt a broader perspective to blended finance, by not just focusing on developing countries. We conceive blended finance as a structuring approach, meant to combine together layers of money coming from different investors, with different profiles, mandates, and expectations, in markets that are affected by some failures or inefficiencies. The chapter describes the key characteristics of blended finance and its instruments, and discusses some cases and applications of blended finance in both developing and mature economies.

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