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Blended finance is not enough: Why structural risk reform matters more than project de-risking

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  • Shaurya Kumar Jha

    (Independent Development Finance Professional)

Abstract

Blended finance has become central to development finance strategy, yet its overreliance risks substituting financial engineering for institutional reform. Project level de risking may mobilise capital in the short term but does not reduce structural risk premia embedded in emerging markets. This paper argues that durable capital mobilisation depends on financial sector development, regulatory credibility, and domestic capital market deepening. Sustainable development finance requires systemic reform rather than repeated concessional intervention..

Suggested Citation

  • Shaurya Kumar Jha, 2026. "Blended finance is not enough: Why structural risk reform matters more than project de-risking," Development Finance Agenda, Chartered Institute of Development Finance, vol. 11(3), pages 12-13.
    • Handle: RePEc:afj:journ4:v:11:y:2026:i:3:p:12-13
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-defa_v11_n3_a4
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