2025年OECD混合融资指南

OECD DAC Blended Finance Guidance2025 Best Practices in Development Co‑operation OECD DACBlended Finance Guidance2025 This work was approved and declassified by the Development Assistance Committee on 17/06/2025. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. ISBN 978-92-64-48687-4 (print)ISBN 978-92-64-56177-9 (PDF)ISBN 978-92-64-65170-8 (HTML) Photo credits:Cover © nazar_ab/Getty Images. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of the original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Preface Pressures on development progress are growing, and public development co-operation budgets faceincreasing constraints. Recognising these challenges, at the Fourth International Conference on Financingfor Development (FFD4) in Sevilla, countries emphasised the need for more, high-quality private capital flowsaligned with sustainable development goals. One key tool to advance this objective is blended finance. Since their adoption in 2017, the OECD Development Assistance Committee Blended Finance Principleshave provided an internationally recognised framework for policymakers and practitioners. They helpedestablish a common understanding of the key elements ofhigh-quality blended finance–emphasisingadditionality, transparency and alignment with partner country priorities. The Principles, and the related2020 Guidance for their implementation, have supported a broad range of actors in launching andstructuring more effective and impactful blended finance operations. Blended finance is now a core element of international development co-operation, yet there are barriersthat prevent it from reaching its full potential. Many transactions remain too complex, narrowly defined orsmall in scale to drive systemic change. Challenges with impact measurement, transparency and localownership continue to limit the wider and more effective use of blended finance. The updated OECD Development Assistance Committee BlendedFinance Guidance aims to respond tothosechallenges.It builds on practical experience and good practice to offer a more focused,action-oriented tool for policymakers, development finance providers and other actors in blended finance.It responds to thecall of the Sevilla Commitment for blended finance structures to be more effective,scalable and impact driven. The update bridges the gap between private investor interest, the financing needs of low-and middle-incomecountries and the capabilities required by development finance providers to design and implement high-quality blended finance solutions at scale. Private investors can make important contributions to effectivelyimplementing the updated Guidance, for example by contributing to increased transparency on financial riskand project viability in emerging economies and by engaging with policymakers to tackle regulatoryframeworks that disproportionately increase the cost of capital in these countries. Thisupdated OECD Development Assistance Committee Blended Finance Guidance will supportdevelopment finance providers, policymakers and private investors in enhancing the quality, scale andimpact of blended finance, ultimately helping deliver effective, sustainable development outcomes foremergingmarkets and developing economies. Foreword In the wake of the Addis Ababa Action Agenda,the OECD Development Assistance Committee (DAC)developed five Blended F