In this episode, we speak with Paddy Carter, Head of Development Economics at British International Investment, about the economics of blended finance. Drawing on a background spanning financial journalism, equities analysis, and research roles at the Overseas Development Institute and the Centre for Global Development, Paddy discusses how to think about subsidy in the broadest economic sense, the core logic behind the MDB-DFI principles for concessional finance, and what it takes to judge whether a market is ready for commercial capital.

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