Last year the Britain Prince Charles launched a Development Impact Bond in India for improving the education for children in India. On 1st July it also sanctioned more than 30 percent of students to achieve quality education and learn basic literacy and numerical skills.
In just one year of its initiation, it held the best improvements in comparison to the non-DIB schools in India. It found that 40 percent of the schools met the targets set to finish and improved in the proficiency levels.
The DIB is active in the states of Delhi and Gujarat in over 600 schools helping 100,000 students from 5 -11 years of age.
The Chief Executive of British Asian Richard HawkesTrust, said: “In many ways, year one was a start-up for both the DIB and NGOs testing the concept and allowing for adjustment to make improvements along the way.”
Talking about the ambition he said, “The ambition remains that the leanings from the DIB will be used to create an education rate card.”
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Geeta Goel the Country Director, India, Michael & Susan Dell Foundation said “The early signs are that outcome-based funding models, with an incentive attached, have the potential to drive quality in education and attract new forms of capital to sustain it.
The ultimate goal of the organization is to improve the education standards of India education without diminishing the quality of the outcome. There is a proper balance of how the Development Impact Bond works.