Grant is closed

Feb 2014 – Jul 2018

Education Development Impact Bond



India – South Asia

To determine whether a Development Impact Bond is a viable results-based structure for financing and delivering learning outcomes.

$994,282 Grant Value

Educate Girls DIB photo

This is the world’s first Development Impact Bond. 

It offers an innovative approach to social and financial returns. The aim is to help improve education and learning outcomes for 18,000 children in government primary schools in the Indian state of Rajasthan. 

In partnership with Educate Girls (the service provider) and UBS Optimus Foundation (the investor), CIFF (the outcome payer) will pay for the achievement of measurable educational outcomes. These are specific targets for the enrolment of out-of-school girls and improved literacy and numeracy skills. 

Educate Girls is a non-governmental organisation working in Rajasthan, India, that aims to improve learning outcomes of children in government schools. 

UBS Optimus is the philanthropic arm of UBS bank. It is financing Educate Girls for this programme in public schools in two districts in Rajasthan. CIFF will reimburse UBS Optimus for financing Education Girls, plus additional incentive payments, if agreed outcomes are met and validated by an independent evaluator, IDinsight

Details on the bond's design, including agreed outcomes and payment triggers can be downloaded here: DIB Design Memo

You can learn more about the DIB on the Educate Girls Development Impact Bond site.


Educate Girls DIB photo

Early results from the first Development Impact Bond to go into operation show the model is closing the gender gap in enrolment and improving children’s learning levels in its target area in Rajasthan, India, its backers said today. This means the DIB is on track to meet its ambitious three year targets.

After around a third of the full DIB term has elapsed, results show the program has enrolled 44% of all out-of-school girls identified in year 1, and has achieved 23% of the total target for learning progress.1 Based on this progress, the Zurich-based UBS Optimus Foundation which provided the upfront investment for the DIB would have already recouped approximately 40% of the initial investment in year one, a promising performance despite challenges in launching the intervention on time. 

You can learn more about the early results from the Educate Girls Development Impact Bond here.