Convergence and the International Finance Corp. have announce plans to build a blended finance platform for the 2030 health and education goals.
The partners aim to raise $500 million by blending public and philanthropic funds to attract private capital for investments in health and education businesses that serve people who live on less than $8 per day in emerging and underserved markets.
Convergence, a Canadian blended finance network, and the International Finance Corp., part of the World Bank Group, aim to raise the funds by connecting public and private investors to “riskier projects” in the two sectors.
Early funding comes from the Canadian government and the project is looking to tap into the World Bank IDA Private Sector Window — a $2.5 billion initiative to spur private investment in the poorest 75 countries in the world.
Convergence previously launched its Investment Network to catalyze blended-finance deals for the U.N. Sustainable Development Goals. It has also partnered with several impact investors todevelop impact bonds in Indonesia and for Syrian refugees.