The piece from El País critiques the emerging financial architecture in global health, suggesting that shifting from a donation-based model, where wealthy countries provide funds to poorer nations, to one that relies on attracting private investment may lead to detrimental outcomes. Historically, the success of global health was measured by service delivery and lives saved, rather than financial indicators, highlighting the inadequacies of current private capital motivations. \n\nThe author highlights that the new approach, which combines public guarantees and private funding, is predicated on the belief that incentivizing private actors will lower capital costs for socially beneficial projects. However, the results of this shift might not be as straightforwardly positive as proponents claim. Instead of improving health outcomes, the article warns that the privatization of health financing could lead to poorer quality services and access issues, potentially exacerbating existing inequalities. \n\nUltimately, the article questions the sustainability and efficacy of this new financial approach, emphasizing that merely replacing donations with a profit-driven model could result in worse health scenarios for vulnerable populations. It calls for a reevaluation of how global health financing is structured to ensure it continues to prioritize health outcomes over financial gains.