Toronto, Canada, September 21, 2026 — Convergence, the global network for blended finance, today announced CAD $7 million in support from Global Affairs Canada (GAC) to fund its work advancing the blended finance market.
The funding comes at a critical moment for blended finance. The market is entering a new phase of maturity. After more than a decade focused on market building and demonstrating the potential of blended finance, the priority now is making the field more efficient and effective. At the same time, the decrease in foreign aid globally means the need to mobilize private capital has never been greater, while the pool of concessional capital available to do that grows ever smaller.
“Blended finance has reached a point where we need to double down on what works. The next phase should be about greater discipline: standardizing proven approaches, using scarce catalytic capital more efficiently, and solving the real challenges practitioners face in bringing transactions to market,” said Joan Larrea, CEO of Convergence. “GAC’s support gives us the ability to focus on the issues we believe are at the bleeding edge of blended finance and turn those insights into practical solutions for the market. Data, evidence, standards, and shared learning benefit the entire ecosystem and we are grateful to GAC for their steadfast leadership and support in making these critical public goods possible.”
The CAD $7 million commitment will provide Convergence with flexible funding to respond to emerging market needs and pursue areas where independent data, research, convening, and practical guidance can have the greatest impact.
A key priority will be advancing greater standardization across the market. Convergence plans to build on its existing standardization work, including DealScale, which uses live climate transactions to test and refine standardized templates, structuring frameworks, governance models, and operational guidance; the Scale Private Investment Mobilization Action Plan, which identifies 12 proven Private Investment Mobilization Models that can be replicated and scaled; and a strategic framework designed to help governments systematically strengthen the enabling environment for blended finance. Together, these efforts aim to reduce transaction costs, improve coordination, and make it easier to move blended finance transactions to financial close.
“For over a decade, Canada and Convergence have worked together as leaders in blended finance. Headquartered in Canada, Convergence is a global hub for the partnerships and knowledge needed to scale capital and mobilize private investments for a more sustainable future across emerging markets. Together, we are unlocking economic opportunities with mutual financial benefits for Canadians and global communities.” Randeep Sarai, Secretary of State (International Development)
Global Affairs Canada has been a foundational partner of Convergence since its establishment in 2015, providing long-term support that has helped Convergence grow into a leading global institution for blended finance. This renewed commitment builds on a decade-long partnership and reflects Canada’s continued leadership in strengthening the blended finance market and mobilizing private capital for sustainable development.
About Convergence Blended Finance
Convergence is the global network for blended finance, committed to mobilizing private sector investment in emerging markets and developing economies. Convergence generates and shares market data, insights, and practical guidance to build capacity, improve transparency, inform decision-making, and enable the more efficient use of concessional capital. Through its network and membership, Convergence convenes public, private, and philanthropic stakeholders to reduce fragmentation, align incentives, and foster collaboration across the ecosystem. Finally, Convergence accelerates the market by supporting the development of new blended finance opportunities.
Media Contact
Sijia Yi
Director of Communications
Convergence Blended Finance
[email protected]
