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Australia's Development Program

Development Finance Review

At the Government's request, DFAT is leading a review into new forms of development finance to support Australia's foreign policy, trade, security and development objectives and help countries in our region achieve their development and climate objectives.

The Development Finance Review will examine existing sovereign and non-sovereign mechanisms used by the Government and draw on regional and global innovative approaches to development finance. It will examine blended finance mechanisms where government financing instruments such as grants and loans are used in combination with, and to leverage, private sector and philanthropic investment in development.

The review will present policy options that support new and modern partnerships to address shared problems facing our region, helping Australia remain a relevant partner of choice for the Pacific and Southeast Asia.

Consultation is critical to the review's success and to ensure new opportunities for partnerships are identified. The review team will consult with key stakeholders including partner governments, multilateral development banks and other bilateral donors, NGOs, private sector representatives such as financial experts, and philanthropic and civil society organisations through targeted discussions, invited submissions and in-person engagement.

The review which commenced in August 2022 is supported by an Advisory Panel of senior officials from across government. The Review team is now currently finalising its draft report, with the view to providing it to ministers soon.

The Terms of Reference provide further details. Please email the Development Finance Review team at if you have any questions.

A 2019 DFAT commissioned feasibility study into the use of non-grant financing can be accessed at:

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