been an explicit objective for international public financiers. For example, the commercial capital, largely from private sources, with the help of concessionall debt and grants provided by the ADB. A growing share of commercial finance is hence a testament to the effectiveness of various de-risking instruments. grid projects, it is important to note that commercial institutions play a key role even when projects are financed on the balance sheet of an SOE. Borrowing can take the form of loans and credit facilities from banks, or corporate bond issuances for larger projects. In either case, the ultimate source of finance is the lenders or investors that are repaid by the SOE through interest or coupon payments, ownership. In general, countries with the highest levels of finance from commercial