The case of missing middles: Gaps in the development finance landscape, and UNCDF’s positioning in it

This paper from the United Nations Capital Development Fund (UNCDF) identifies persistent “white spaces” in the development finance ecosystem and argues that bridging them requires a distinct institutional approach—one that embraces patient, risk-tolerant, small-ticket, and blended capital; is embedded in local ecosystems; and invests not just in deals but in market systems.