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Blended finance is transforming the way development projects are funded by bringing together public, philanthropic, and private capital to attract investment in areas that matter most in low- and middle-income countries. The core principle of blended finance is the use of private-sector concessional capital to catalyze investment in projects with perceived risks or low returns that may not otherwise attract commercial interest.
DevelopmentAid, in collaboration with Gawa Capital, Spain’s leading impact investing advisory firm, invited donor agencies, private sector organizations, foundations, NGOs, and individual experts to join the “Innovative Blended Finance – a key instrument in delivering high impact projects” webinar.
In this live discussion, experts Lia González and Lucía Gaitán unpacked how blended finance can unlock private capital for climate adaptation, which enables institutional investors to enter new markets and bridge the climate funding gap to generate systemic and lasting impact. Using the Kuali Fund as a case study, the speakers shared practical lessons on mobilizing capital at scale, demonstrated how technical assistance enables high-impact project implementation, and revealed how theory of change frameworks can effectively structure and measure impact.
Key Takeaways:
- - Discover how the Kuali Fund – managed by Gawa and supported by GCF, the EU, and the Spanish cooperation – is channeling millions toward climate resilience projects.
- - Learn how driving systemic change through technical assistance for financial institutions and SMEs can support microentrepreneurs and smallholder farmers to deliver measurable, scalable impact.
- - Engage with experts via a live interactive Q&A session and gain practical insights from players who are shaping the future of climate finance.
Lia joined Gawa Capital in May 2025 as Regional Manager for Latin America, based in the newly established Bogotá office. She brings over 16 years of experience in development finance and impact investing.
Before joining Gawa, she served as Regional Director for Latin America at Incofin Investment Management, where she led the regional strategy, managed the Fairtrade Access Fund, and participated in the investment committees of several funds and technical assistance facilities. Earlier in her career, she worked with Fondo Acceso, an impact venture capital fund, and on public-private partnerships for infrastructure development (Grupo Odinsa) in Latin America.
Lucía joined Gawa Capital in July 2025 as Head of Climate, leading the Kuali Fund’s impact and technical assistance strategy. She brings over 13 years of experience in climate and nature-based solutions for sustainable development across Latin America, the Caribbean, sub-Saharan Africa, and Southeast Asia. Before joining Gawa, she served as Green Finance Manager at Finance in Motion, where she led fund deployment, impact measurement, and technical assistance projects for the eco.business Fund to advance biodiversity conservation and climate action. Previously, she led pioneering carbon and biodiversity projects for agricultural value chains with the International Center for Tropical Agriculture.
