When Billions Meet Trillions: Impact Investing and Shadow Banking in Pakistan

This article argues that the rise of impact investing, particularly in Pakistan's inclusive finance sector, serves as a means to promote shadow banking. It contends that impact investors fill financial voids created by bank regulations and channel global capital into developing countries to meet demand for yield. The study examines how this dynamic affects financialisation and development interventions in the Global South, emphasizing the imperative to measure and evaluate outcomes within this context.