At the heart of International FinanceCorporation’s (IFC’s) approach to blended finance areefforts to create and help sustain private markets withstrong development impact. This note explores the role ofblended finance in creating markets and looks at lessonsfrom three blended finance projects and structures - and howeach contributed to the creation of markets that arescalable, sustainable, and resilient. The projectsillustrate the value of using blended finance to kick-startmarkets and to push to achieve long-term financing oncommercial terms. They also carry important lessons forusing and scaling up blended finance in the future.