Britain's Prince Charles has a launched a new Development Impact Bond (DIB) worth $10 million to work and improve the education of over 200,000 children in India. DIB is one of the largest bonds in South Asia and was set up the Royals 10 years ago to fight poverty and other related issues in South Asia.
Prince Charles, heir to Britain's throne said that this bond is the largest of its type and also revealed that Sir Ronald Cohen, the champion of global impact investing has been a strong advocate of finance for this bond.
This bond has been launched with the support and trust of the organisations and foundations such as UK government’s Department for International Development, Mittal Foundation, Comic Relief, and the UBS Optimus Foundation. The main of the DIB is attract new capital into development related projects.
Under this bond, DIB will provide funding to local Indian not-for-profit delivery partners for four years. They will be responsible for delivering a wide range of operational models such as direct school management, principal and teacher training and other supplementary education programmes.
The main focus of the bond is to improve literacy level in the marginalised and subjugated communities of the country. Manoj Badle, Chairman of British Indian Trust stated that this is one of the most exciting periods in Trust’s history as it will impact the lives of millions of people. He also mentioned that it is a privilege to be part of such dynamic and innovative charity.