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In a context defined by shrinking fiscal space, declining development assistance, and rising pressure on health systems, the Global Leaders Network (GLN) convened the third webinar in its domestic resource mobilization series to explore how blended finance can support investment in women’s, children’s, and adolescents’ health. Moderated by Dr. Solomon Worku, Senior Adviser at Ethiopia’s Ministry of Health, the session focused on moving beyond definitions to examine practical models, case studies, and the conditions required for blended finance to deliver sustainable impact.
The discussion opened with a survey poll revealing a common misconception: many participants equated blended finance with public-private partnerships or multiple funding sources. Speakers clarified that blended finance is neither a rebranding of grants nor a traditional PPP model, but rather a structured approach that uses concessional and catalytic capital to reduce risk and crowd in commercial investment for priority health outcomes.
Expert reflections were shared by Joan Marrique (Center for Global Health and Development; Women’s Health and Empowerment Network), the Chief Investment Officer of Africa Invest, Steven Kaboro (National Treasury and Ministry of Health, Kenya), and Zena Katur Ondesi (International Finance Corporation). Together, they examined why health remains underrepresented in blended finance globally, despite significant unmet need, and how carefully designed capital stacks can unlock private investment in high-impact but traditionally high-risk health markets.
Speakers emphasized that blended finance is a bridge, not a permanent solution. Its purpose is to mobilize larger pools of capital and support commercially sustainable models that can endure beyond grant cycles. Catalytic capital emerged as a central theme, with examples showing how relatively small first-loss or concessional investments can unlock substantially larger commercial financing when risks are appropriately structured.
This logic was illustrated through Africa Invest’s Transform Health Fund, which leveraged an initial grant to mobilize over $110 million in blended capital. Case studies highlighted investments in nutrition manufacturing for malnourished children in Kenya, public-private delivery models for dialysis services in East Africa, and approaches designed for replication across regions rather than isolated success.
From a country perspective, Kenya’s experience demonstrated how blended finance can operate through layered equity, loan guarantees, and performance-based reimbursement models to expand access to care, strengthen health infrastructure, and support adolescent and reproductive health services. These examples also surfaced key challenges, including deal complexity, currency volatility, outcome measurement, and the need for sustained technical assistance.
From a development finance perspective, speakers outlined core principles guiding blended finance, including clear market rationale, minimum concessionality, long-term commercial sustainability, and high standards of governance. Technical assistance was repeatedly identified as essential to de-risking projects, strengthening business models, and enabling scale, particularly for health SMEs and primary care providers.
The discussion closed with a clear set of takeaways.
Blended finance is a practical approach to mobilizing additional resources for women’s, children’s, and adolescents’ health, but it is not a standalone solution.
De-risking is the central mechanism, and catalytic capital is often the lever that makes private investment possible.
Partnership across government, development finance institutions, philanthropy, and private investors is essential, alongside political will that can align priorities beyond the health sector.
Grants alone are rarely sustainable, and blended finance vehicles, when designed with technical assistance and strong governance, can help build longer-term models capable of withstanding shocks.
As Dr. Worku noted in his closing reflections, this was not an academic conversation. It was a practical one. The interest from participants to continue the dialogue and explore continental blended finance vehicles signaled a growing appetite for solutions that move beyond short-term funding cycles toward structured, scalable approaches that protect health gains for women, children, and adolescents.