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Blended finance, which aims to mobilise private capital towards sustainable development in developing countries (OECD, 2018), is becoming increasingly important for bridging the investment gap for the Sustainable Development Goals (SDGs). However, little is known about its development impact. This report presents the findings of a systematic search on blended finance studies and evaluations, which are visualised as an evidence gap map (EGM). The EGM presents the resultson a matrix of eight blended finance instruments and 14 sub-effects, which were grouped into four categories of effects: financial additionality, development additionality, market development and sector effects. The search identified 33 publications that met the inclusion criteria, containing 87 individual pieces of evidence. Almost half of the blended finance instruments focused on results-based incentives, with grants and guarantees being the next most numerous. Most of the evidence was found in programme evaluation reports (67%), while (quasi-)experimental evidence was scarce (12%). The comparison with a blended finance database (Convergence, 2020) showed that the increase in the size of the blended finance market from USD 16 billion in 2007 to USD 136 billion in 2018 did not trigger a similar increase in research. A particularly strong mismatch between frequency of use and lack of research was found for insurance, hedging and junior/subordinated capital, and for sector effects in energy and financial services.
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