PublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedEDUCATIONPublicDisclosureAuthorizedWORKINGPAPERNo.1APRIL2024Education:InnovativeFinancinginDevelopingCountriesHarryPatrinosandNobuyukiTanakaEducation:InnovativeFinancinginDevelopingCountriesHarryPatrinosandNobuyukiTanakaApril20241AbstractDespiteeffortstogeneratemorefundsforeducation,currentfinancingintheeducationsectorisinadequate,inefficient,andinequitabletoensurequalityeducationandimprovelearningoutcomes.Onewaytofillthefinancinggapis“innovativefinance,”whichmeansnotonlysourcingnewandadditionalfundsbutalsospendingthesefundsefficientlyandeffectively.Blendedfinance,onetypeofinnovativefinance,usespublicfundstoattractprivatecapitaltosustainabledevelopmentprojectsbyminimizingtheirrisk.Theuseofblendedfinancehasspreadoverthepastdecadeintheenergysectorforexample,butthereisscopeforittobeappliedmorewidelyintheeducationsector.JEL:G23,H41,O1,Q01,Q14Keywords:Education,finance,blendedfinance,innovativefinancing1ThispaperwaspreparedundertheguidanceofLuisBenvenisteandHalilDundar.TheauthorsbenefitedfromvaluablecommentsfromDouglasSumerfield,EmilyGustafsson-Wright,IngaAfanasieva,JanssenEdelweissNunesTeixeira,LiesbetSteer,MilenaCastellnou,NicholasBurnett,andOzselBeleli.TheteamalsoappreciatesAngelicaRivera-Olvera,EuniceYaaBrimfahAckwerh,FedericoLeo,M...
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