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    • Sponsored by Gates Foundation

    Can health survive the development finance revolution?

    In a podcast episode recorded in front of a live audience at the fourth Financing for Development conference in Sevilla, Gates Foundation’s Kalpana Kochhar joins Raj Kumar to discuss why health must remain a top priority for development financing.

    By Devex Partnerships // 02 July 2025

    Listen to "Special episode: Can health survive the development finance revolution?" on Spreaker.

    Listen on Spotify, Apple Podcasts, Soundcloud, YouTube, or search “Devex” in your favorite podcast app.

    With aid budgets under pressure globally, delegates at the Fourth International Conference on Financing for Development in Sevilla, Spain, are urgently exploring innovative ways to fund global development. But as the spotlight shifts toward private capital, there’s a growing concern that essential interventions without immediate financial returns — such as health investments — could be overlooked.

    “We’re very clear that the cheapest money — concessional money, grant financing, and very concessional loans — should be allocated to those investments that give you this massive societal return, but not necessarily a financial return,” said Kalpana Kochhar, director of development policy and finance at the Gates Foundation, in an onstage conversation with Devex President and Editor-in-Chief Raj Kumar.

    Gavi, the Vaccine Alliance demonstrates how strategic health investments can pay off over time. “Gavi has graduated a number of countries who originally needed that subsidy to bring in vaccines and help purchase them at a lower price, but now [those countries] are doing it on their own,” Kumar said. However, at the recent Gavi replenishment round, pledges fell short by about $2.9 billion of the total budget request.

    The discussion also highlighted new opportunities to attract private investment in health manufacturing — from vaccine production to locally made bed nets — and reflected on the progress made since the last Financing for Development conference in Addis Ababa, Ethiopia, about a decade ago.

    This special episode of This week in global development was sponsored by the Gates Foundation.

    Watch via YouTube.
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      Devex Partnerships

      Thanks for reading and for your interest in Devex. In collaboration with our partners, Devex’s partnerships editorial team produces content to promote a partner’s work or perspectives on a particular issue. It gives actors across the global development sector — including nongovernmental organizations, private sector stakeholders, aid agencies and government institutions — the opportunity to go beyond traditional advertising and tell their stories in an impactful way. If you’d like to learn more about how you can shine a spotlight on a particular issue with Devex, please email partnerships@devex.com. We look forward to hearing from you.

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