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Impact Bond Theory and Structure Sample Clauses

Impact Bond Theory and Structure. The impact bond concept emerged at the intersection of the results-based financing, public sector reform, and social innovation narratives as a new financing model that combines performance-based payments and market discipline. The impetus was to create a new innovative financing tool that would tie financing to outcomes rather than inputs or activities while allowing the public sector to adopt and ideally scale the most effective programs since, as one 2011 report describes, “in many cases, program outcomes are not rigorously assessed, allowing unsuccessful initiatives to persist for years” (Xxxxxxx, 2011, p. 1). The impact bond concept also aims to employ private capital to increase overall investment for social issues, incorporating the theoretical underpinnings of impact investing and blended finance that use private capital and investors as a complement to public financing (Xxxxxxxxxx-Xxxxxx et al., 2015; USAID, 2019a). These different goals led to the impact bond model—a multi-stakeholder innovative financing instrument that makes payment contingent upon predefined outcomes. A private investor commits the upfront investment to the designated service provider(s) for the intervention, bearing the initial investment risk but typically requiring some rate of return. The service provider implements the intervention with consistent monitoring of their progress towards the predefined metrics and targets. After the intervention ends, a separate outcomes funder repays the private upfront investor if the outcomes are met, as determined by an independent evaluator. In SIBs, governments are the outcome funder, enabling governments to only pay for results. In 2013, a CGD and Social Finance UK Working Group published a seminal report that marked the formalization of the DIB, a SIB variation better suited for development issues in LMICs or developing country contexts where the outcome funder may be a foundation, non-profit, or other financial institution besides the government (CGD & Social Finance, 2013). These three stakeholders—the upfront investor, service provider, and outcome funder— anchor the impact bond. See Figure 4 in Chapter 2 for a visual overview of the impact bond model and the resource flows between stakeholders. To date, a mix of foundations, multilateral institutions, and impact investing arms of private investors have served as the upfront investor. Service providers are typically local or international NGOs. For DIBs, the outcome funder has rang...
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