Britain’s Prince Charles has launched a new 10-million-dollar Development Impact Bond (DIB) to help improve education for over 200,000 children in India.
WHAT’S THE BOND FOR
The DIB, the largest bond of its type in South Asia, is the latest fundraising initiative by the British Asian Trust (BAT), set up by the royal 10 years ago to fight poverty in South Asia. The new bond has been launched by the trust with the support of the UK government’s Department for International Development (DfID), Comic Relief, the Mittal Foundation and the UBS Optimus Foundation.
“We are launching a 10-million-dollar Development Impact Bond that will improve education for more than 200,000 children in India,” Prince Charles said at a Buckingham Palace event yesterday evening to celebrate the 10th anniversary of the British Asian Trust.
“This will be the largest bond of its type in the region and will, I hope, offer a compelling model for a mere effective approach to philanthropy at scale,” he said.
“These bonds are an innovative and, I think, a tremendously effective way of raising the funds needed to address some of the greatest challenges in the region at the kind of scale necessary to make a significant difference,” he said.
–The concept of DIB is intended as a result-oriented way to attract new capital into development projects, with a strong emphasis on data and evidence.
–Under the initiative, the DIB will provide funding to local not-for-profit delivery partners in India over four years, delivering a range of operational models including principal and teacher training, direct school management, and supplementary programmes.
–It is intended to improve literacy and numeracy learning levels for primary school students from marginalised communities in the country.