Prince Charles launches education impact bond for India
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. The DIB is the largest bond of its type in South Asia. It is the latest fundraising initiative by British Asian Trust (BAT) set up by royal 10 years ago to fight poverty in South Asia.
The DIB was announced on occasion of celebration of 10th anniversary of BAT. It was launched by trust with support of UK government’s Department for International Development (DfID), Comic Relief, Mittal Foundation and UBS Optimus Foundation.
The DIB is intended as result-oriented way to attract new capital into development projects, with strong emphasis on data and evidence. It is intended to improve literacy and numeracy learning levels for primary school students from marginalised communities in country.
Under the initiative, DIB will provide funding to local not-for-profit delivery partners in India over 4 years period to deliver range of operational models including principal and teacher training, direct school management, and supplementary programmes.