"Blended finance programs combine public and private funding to ease credit constraints of specific firm segments. While rapidly gaining popularity, little evidence exists on their economic impact. Female clients of treated banks increase net borrowing and investment, especially those with higher capital productivity. Beneficiary firms grow their sales and profits, diversify suppliers, and exit less."

The working paper was prepared by EBRD in English language. Click here to access its full version.

Source: The European Bank for Reconstruction and Development

Illustration: The European Bank for Reconstruction and Development