Roadmapping New Impact Bonds in a Post-COVID World: Insights from Case Studies in the Education Sector
2. Innovative Financing in the Education Sector: An Overview
The Global IB Market
3. Approach and Method
4. Case Studies of Impact Bonds in the Education Sector
4.1. Utah High-Quality Preschool Program
4.2. Educate Girls
4.3. ARTICLE 1
4.4. Education Improvement Project in the Republic of Sakha (Yakutia)
4.5. Partnerships and Contractual Arrangements
4.6. Financial Terms
4.7. Impact Measurement and Evaluation
4.8. Early Empirical Evidence on the IBs’ Achievement of Planned Targets
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
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|Emerging Forms of Vulnerability in Education Sector|
Social emotional well-being
Must generate income
Early and forced marriages
|Country||IBs Launched||Country||IBs Launched|
|United Kingdom||81||Korea, Republic of||2|
|United States||27||New Zealand||2|
|Portugal||13||Palestine, State of||2|
|Germany||3||Nigeria, Mali, and Democratic Rep. of Congo||1|
|Finland||2||United Arab Emirates||1|
|Area of Intervention||IBs Launched|
|Employment and Training||51|
|Child and Family Welfare||33|
|Health and Well-being||33|
|Education and early childhood||27|
|Agriculture and Environment||2|
|IBs per Country||IBs per Year||IBs per Duration|
|Country||IBs Launched||Year||IBs Launched||Duration (Years)||IBs Launched|
|IB Name||Country||Year of Launch||Duration (Years)||IB Description||IB Distinctive Elements|
|Utah High-Quality Preschool Program||USA||2013||4||The program seeks to provide pre-school education for low-income children aged 3 and 4 years.||The first Pay for Success program launched worldwide on education.|
|Educate Girls||India||2015||3||The program aims to increase the enrolment rate of girls, as well as to improve the learning of boys and girls in the rural area of Bhilwara in Rajasthan.||The first DIB to be launched in a developing country on education sector and the first to surpasses both target outcomes.|
|ARTICLE 1||France||2018||5||The program supports the agricultural training of students before and after the Baccalauréat in the Hauts de France and Occitanie regions.||France’s first SIB on education and the first to combine private and public funds for payment in case of success.|
|Education Improvement Project in the Republic of Sakha (Yakutia)||Russian Federation||2019||3||The program improves educational achievements of students in the Republic of Sakha (Yakutia).||The first Russian Social Impact Project and the first on education to use also of distance learning.|
|IB Name||Outcome Payers Type(s)||IB Structure||Investors Type(s)||Service Providers|
|Utah High-Quality Preschool Program||United Way of Salt Lake |
Salt Lake County
(Local public authority) (cohort 1)/and State of Utah
(Central public authority) (cohorts 2–5)
|Managed||Goldman Sachs (Bank), and J.B. and M.K. Pritzker Family Foundation (Foundation)||Granite School District, Park City School District, Guadalupe School, Lit’l Scholars, Smart Kids, and YMCA|
|Educate Girls||Children’s Investment Fund Foundation (Foundation)||Managed||UBS Optimus Foundation |
|ARTICLE 1||Ministère de l’Agriculture et de l’Alimentation (Central public authority), Ministère de la Transition Ecologique et Solidaire (Central public authority), Ministère de l’Economie et des Finances (Central public authority), Fonds B. (Foundation)||Direct||Caisse des Dépôts (public financial institution), BNP Paribas (Bank), and Fonds Européen d’Investissement (FEI) (Intergovernmental Financial Institutions)||Article 1|
|Education Improvement Project in the Republic of Sakha (Yakutia)||Ministry of Education and Science of the Republic of Sakha (Yakutia) (Local public authority)||Intermediated||The Far East and Baikal Region Development Fund|
|Higher School of Economics National Research University|
|IB Name||Amount of |
Capital Raised *
|Duration (Years)||Max Outcome Payment *||Expected |
|Investor Name||Presence of Guarantee|
|Utah High-Quality Preschool Program||€5,712,269.00||4||7,304,358.00||Interest rate of 5.0%||Goldman Sachs and |
J.B. and M.K. Pritzker
|Educate Girls||€228,129.00||3||€356,557.00||IRR 15%||UBS Optimus Foundation||None|
|ARTICLE 1||€870,000.00||5||€1,000,000.00||IRR 3%||Caisse des Dépôts, |
BNP Paribas and Fonds Européen d’Investissement (FEI).
|Education Improvement Project in the Republic of Sakha (Yakutia)||€655,826.00||3||N/A||N/A||The Far East and |
|IB Name||Target |
|Specific Area of|
|Outcome Metrics||Impact Measurement Method (Independent Evaluator in Parentheses)||Compliance of Outcome Metrics with SDG 4 |
|Utah High-Quality Preschool Program||3500|
|Ensure pre-school education for low-income children aged 3 and 4 years.||Decrease in terms of a child’s use of special education and remedial services each year between kindergarten and grade 6.||Historical comparison and validated administrative data|
(Utah State University’s Early Intervention Research Institute)
|Outcome metrics compliant with SDG 4 (target 4.5)|
|Increase the enrolment rate of girls, and improve the learning for boys and girls.||Increase in enrolment and improve school learning.||Randomised Controlled Trial (RCT) (IDinsight)||Outcome metrics compliant with SDG 4 (target 4.5)|
|The reduction of the school dropout rate.||Workshops deployment indicator (at least 125 workshops organized during the program); school perseverance indicator (+ 7 percentage points compared to the annual national reference rate of willingness to continue studying); exam attendance indicator (+ 5 percentage points above the annual national reference rate for participation in the BTS examination); and number of mentors (At least 25 per cohort)||Validated administrative data |
|Outcome metrics compliant with SDG 4 (target 4.5)|
|Education Improvement Project in the Republic of Sakha (Yakutia)||5000 schoolchildren||Improve educational achievements through the use also of distance learning.||Improve educational achievements of students by 10%.||Validated administrative data|
|Outcome metrics compliant with SDG 4 (target 4.5)|
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Kabli, A.; Rizzello, A.; Trotta, A. Roadmapping New Impact Bonds in a Post-COVID World: Insights from Case Studies in the Education Sector. Sustainability 2021, 13, 4121. https://doi.org/10.3390/su13084121
Kabli A, Rizzello A, Trotta A. Roadmapping New Impact Bonds in a Post-COVID World: Insights from Case Studies in the Education Sector. Sustainability. 2021; 13(8):4121. https://doi.org/10.3390/su13084121Chicago/Turabian Style
Kabli, Abdellah, Alessandro Rizzello, and Annarita Trotta. 2021. "Roadmapping New Impact Bonds in a Post-COVID World: Insights from Case Studies in the Education Sector" Sustainability 13, no. 8: 4121. https://doi.org/10.3390/su13084121