Launched in 2023, the Investment Mobilisation Collaboration Alliance (IMCA) is a collaborative partnership between Denmark, Finland, Iceland, Norway and Sweden, together with the Danish DFI (IFU) and the Nordic Development Fund. IMCA aims to raise concessional catalytic donor financing to the scale of millions of USD and through this attract billions of USD from institutional and other private investors towards sustainable investments in emerging markets and developing economies (EMDEs).
The Investment Mobilisation Collaboration Alliance
Abstract
Deep-rooted challenges have long hindered the flow of private capital into climate and development projects in emerging markets and developing economies (EMDEs). These include a lack of risk-adjusted returns sufficient to attract private investors, a limited supply of bankable projects, fragmentation in blended finance interventions, a lack of collaboration among donors and between donors and DFIs, and weak alignment between donors and private investors. By providing a platform for donor collaboration and public-private-partnerships, IMCA represents a targeted, collaborative effort to address these challenges and foster the mobilisation of private finance at scale for investment in climate and development.
Launched in 2023, the Investment Mobilisation Collaboration Alliance (IMCA) is a collaborative partnership between Denmark, Finland, Iceland, Norway and Sweden, together with the Danish DFI (IFU) and the Nordic Development Fund. The United States Agency for International Development (USAID) was one of the founding partners of IMCA from its launch in 2023 until February 2025, when its participation ended following US presidential general directives towards USAID. Observers in the IMCA partnership as of 2025 include Canada; the UK Foreign, Commonwealth and Development Office (FCDO); ClimateWorks Foundation; the Global Environmental Facility; and Convergence. The World Climate Foundation is acting as IMCA’s operating partner.
IMCA aims to raise concessional catalytic donor financing to the scale of millions of USD and through this attract billions of USD from institutional and other private investors towards sustainable investments in EMDEs. The approach is to increase collaboration across countries, DFIs, and asset owners through project pipeline coordination, and collaborative tendering for asset managers for investing in climate and nature (and later also other Sustainable Development Goal [SDG] themes). IMCA leverages the capacity and ideas in the market by using a competitive market approach in each fund collaboration that aims to attract competitive proposals from asset managers.
IMCA deploys blended finance instruments such as guarantees, first-loss capital, and technical assistance to improve the risk-return profile; it supports project preparation, early-stage financing, and deal structuring to crate pipelines aligned with investor criteria; it facilitates co-ordination among donors, DFIs and private investors to scale successful models; and promotes the development and adoption of shared mobilisation metrics and knowledge exchange frameworks.
The Blended Finance for Energy Transition was launched at COP28 as a pilot process for IMCA’s collaborative tendering between USAID, Denmark, and IFU. Together, the countries tendered USD 30 million in catalytic capital to help mobilise up to USD 1 billion to be invested in climate mitigation, mainly in Just Energy Transition Partnership countries. Two investment funds were selected as finalists and financial closing is currently (2025) ongoing to mobilise private capital at an actual scale of around USD 1.4 billion together with other DFIs, donor partners and the winning asset managers.
The second tendering collaboration and IMCA funding window, the Adaptation Finance Window (AFW), launched a call for proposals during COP28 with availability of USD 100 million in guarantees from SIDA and IFU in combination with USD 5 million in grant capital from USAID for adaptation investment. The window has a target mobilisation of around USD 300 million in private capital. IMCA members have proceeded to a process of co-creation and shared due diligence with the aim of selecting finalists and announce the winning asset managers in 2025/26.
The third funding window launched a call for proposals at COP29. The Greening Value Chains in Africa tendering collaboration will source, shape and implement partnerships that invest in the sustainability and expansion of higher-value economic activities across energy transition value chains in Africa. This window combines USD 60 million in guarantees from the Swedish International Development Cooperation Agency, Norad and IFU. The target amount of private finance mobilised is hundreds of millions of USD in private capital to support the greening and increased localisation of Africa’s energy transition value chains while fostering sustainable economic development.
IMCA shows how a group of donors and DFIs can collaborate and significantly scale the mobilisation of private finance for climate action by pooling concessional finance in a mix of grants and guarantees and using it optimally through competitive market processes to address the need for sustainable investment in EMDEs. In doing so, and by standardising and streamlining the process, selection, due diligence, and award processes, IMCA leverages the joint forces of donor agencies, DFIs and the market and ensures that public concessional resources are used in the most efficient and effective way to reach scale in mobilisation and impact. The IMCA model can be replicated by other donor groups or coalitions of development finance providers, or scaled up by attracting more partners to IMCA who may contribute additional resources.
This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD.
This can include intellectual or funding contributions.
This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.
Note by the Republic of Türkiye
The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no single authority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiye shall preserve its position concerning the “Cyprus issue”.
Note by all the European Union Member States of the OECD and the European Union
The Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. The information in this document relates to the area under the effective control of the Government of the Republic of Cyprus.
Kosovo: This designation is without prejudice to positions on status, and is in line with United Nations Security Council Resolution 1244/99 and the Advisory Opinion of the International Court of Justice on Kosovo’s declaration of independence.
Photo credits: © imagedepotpro/gettyimages.
© OECD 2025
Attribution 4.0 International (CC BY 4.0)
This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence (https://creativecommons.org/licenses/by/4.0/).
Attribution – you must cite the work.
Translations – you must cite the original work, identify changes to the original and add the following text: In the event of any discrepancy between the original work and the translation, only the text of original work should be considered valid.
Adaptations – you must cite the original work and add the following text: This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed in this adaptation should not be reported as representing the official views of the OECD or of its Member countries.
Third-party material – the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and for any claims of infringement.
You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.
Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shall be Paris (France). The number of arbitrators shall be one.
