Project profile — Supporting Convergence: the global network for blended finance



Overview 

CA-3-P001361008
$7,016,984
Convergence Blended Finance Inc. (CA-CRA_ACR-3937183499)
2021-06-25 - 2025-03-31
Operational
Global Affairs Canada
MFM Global Issues & Dev.Branch

Country / region 

• Africa, regional (25.00%)
• America, regional (25.00%)
• Asia, regional (25.00%)
• Europe, regional (25.00%)

Sector 

• Other Multisector: Multisector aid (43010) (100.00%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (significant objective)
• Participatory development and good governance (not targeted)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Disaster Risk Reduction(DRR) (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• Nutrition (not targeted)
• ICT as a tool for development (not targeted)

Description 

This project aims to increase the capital invested, particularly from non-traditional sources of development finance, to support projects in developing countries to address the financing gap of the Agenda 2030 for Sustainable Development Goals (SDGs). Project activities include: (1) connecting investors and investees on Convergence’s investment network platform; (2) providing donors, non-governmental organizations and private sector actors with blended finance market building tools; and (3) providing an incubator called the design funding facility to advance innovative blended finance and results-based finance solutions and attract additional funding for a significant impact on development.

Expected results 

The expected outcomes for this project include: (1) increased access to viable new blended finance products; and (2) enhanced collaboration using blended finance models, including the design funding facility and the investment network.

Results achieved 

Results achieved as of March 2023 include: (1) hosted 297 deals on Convergence’s investment platform, 53% of which have integrated the Sustainable Development Goals (SDGs); (2) provided 73 training and knowledge-sharing sessions for 1,311 (48% women) to blended finance practitioners; (3) developed 105 paid memberships to Convergence’s online service platforms; (4) funded and coached 31 organizations that have mobilized USD 1.7 billion to support development initiatives in developing countries; and (5) contributed to mobilizing USD 2.1 billion in development finance as part of a contribution towards filing the USD 2.54 trillion financing gap for SDGs.

Budget and spending 


Original budget $0
Planned disbursement $4,347,147
Transactions
Transaction Date Type Value
19-06-2024 Disbursement $812,841
Country percentages by sector
Type of finance Aid grant excluding debt reorganisation
Collaboration type Bilateral, core contributions to NGOs and other private bodies / PPPs
Type of aid Core support to NGOs, other private bodies, PPPs and research institutes
Date modified: