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WORLD'S FIRST DEVELOPMENT IMPACT BOND (DIB)

Educate Girls along with UBS Optimus Foundation (UBSOF) and Children's Investment Fund Foundation (CIFF) launched the World's first Development Impact Bond (DIB) in education. This 3-year proof of concept, which began in the academic year of 2015, tied funds to pure outcomes.

Educate Girls’ DIB had a project budget of US$ 270,000. It covered 166 schools across 140 villages in Bhilwara, Rajasthan and had an 80% focus on learning gains and a 20% focus on enrolment of girls.

In this payment-by-results model, CIFF (as an outcome payer) promises to pay back the investor UBSOF the original investment amount plus extra returns as long as the agreed targets are delivered by Educate Girls (the service provider). The Educate Girls’ DIB targeted increased enrolment of marginalized girls and children's progress in literacy and numeracy outcomes, assessed by independent evaluator, IDinsight, over the course of the 3 years’ tenure. Results-based financing consultancy, Instiglio, designed the DIB and provides performance management support to Educate Girls.

Educate Girls' DIB Final-Year Results are Out!

The final results were announced at an event hosted by The Brookings Institution in Washington D.C. on July 13, 2018. Watch the recorded panel here.

Educate Girls surpassed both the target outcomes

• 160% of the final learning target achieved

In the final year, learning levels for students in program schools grew 79% more than their peers in other schools – almost the difference of an entire additional year of instruction.

• 116% of the final enrolment target achieved

768 or 92% of eligible out-of-school girls identified in the program area were enrolled in school.


Press Release

Read more about the final results here

Media Links : The Economist | Thomson Reuters Foundation |Bloomberg | Devex | Brookings | Devdiscourse | Barron's