In 2017, the International Finance Corporation (IFC) collaborated with the Asian Development Bank (ADB) and the Global Agriculture and Food Security Program (GAFSP) to invest US$12 million into a project to promote the cultivation of hazelnuts among smallholder farmers in Bhutan. This case study looks at how concessional finance channeled through a blended instrument was critical in the securing this investment, which stood to improve the livelihoods of about 15% of Bhutan’s population.