Felix Stein and Desmond McNeill critically examine the role of blended finance in global health in their article published in the Journal of Global Public Health. Analysing three key instruments—vaccine bonds, advanced market commitments (AMCs), and matching funds—they explore how these mechanisms leverage public funds to attract private investment.
While intended to bridge global health financing gaps, the authors argue that these tools are often costly and of questionable effectiveness, primarily benefiting large corporate actors and private investors rather than low- and middle-income countries. Despite these shortcomings, blended finance remains widely endorsed due to its perceived innovation, crisis-driven urgency, and the promise of aligning market incentives with social good. The paper calls for greater scrutiny of these financial models, highlighting their role in the privatisation of global health financing. By assessing their evolution before, during, and after the COVID-19 pandemic, the study raises critical questions about their long-term implications.