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CSR: Success and social impact bonds

Momentum for Sibs is growing – which banks will take the lead?


Momentum for pay-for-success and social impact bonds (Sibs) seems to be growing. 

In September, at least four were announced, including a veterans programme that provides job development and post-traumatic stress disorder support to US veterans, two education bonds in South Africa and India, and a pilot from the state of Ontario in Canada aimed at housing stability and high-school graduation rates for at-risk youth. 

UBS, BNP Paribas, Volta Capital and Social Finance were among the institutions supporting the bonds. 


The number of Sibs now issued is thought to be around 100 globally, and there have been about 20 pay-for-success projects in the US to date. 

While results-based financing as a sector has been relatively slow to take off, now that some of the earlier programmes are ending and proving their value, more local governments are expected to consider them as a financing tool – particularly in the US, thanks to new legislation.  

It was barely noticed outside Washington, but Sippra, the Social Impact Partnerships to Pay for Results Act, will push Sibs and pay-for-success programmes into the mainstream

Democrats and Republicans may disagree on most things at present, but they do agree on greater accountability of government spending and effective programmes for communities in need.

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