DESIRED OUTCOMETo increase enrollment of girls and improve learning outcomes for all children.

THE ISSUE: In India, 3.7 million girls are out of school. In Rajasthan, 40 percent of girls drop out before reaching fifth grade, and for those that remain learning quality is low. Only 15 percent of children in primary school can read a simple story in Hindi. Uneducated girls in India are three times more likely to contract HIV, earn 10 percent less income, and marry three years earlier than educated ones.

THE PROJECT: A high-performing education NGO operating in Rajasthan receives upfront investment capital to expand services to about 18,000 children, with a promise of a return for the investor from the outcome payer if the program improves enrollment and test scores.

OUTCOME PAYER: Children’s Investment Fund Foundation

INVESTOR: UBS Optimus Foundation


INSTIGLIO’S ROLE: Instiglio is acting as the Project Manager, coordinating stakeholders and advising design choices such as success metrics, outcome targets and performance indicators as well as providing performance management services to Educate Girls.

STAGE: Implementation

START DATE: June 2014

WHAT THIS MEANS FOR DEVELOPMENT: This project aims to set a track record for Development Impact Bonds, with the goal of building momentum on the experimentation and adoption of the model in international development. As the first DIB in education, this project will test key hypotheses on how to effectively structure the model, best engage stakeholders and best add value to the beneficiaries of the program. It will also give the sector a model to replicate by providing a template for applying DIBs to education.

MORE INFORMATION: Please visit the EG DIB Hub or contact Avnish Gungadurdoss for more information at [email protected]


“Lessons from a Development Impact Bond” (Standford Social Innovation Review) August 2016

“Year-one results of the world’s first development impact bond for education”(Brookings, online webinar) July 2016

“A look inside the Educate Girls development impact bond and the first-year results”(Devex Impact) July 2016

“A new financial bond is helping us get more girls into schools in India”(The Guardian) July 2016

First year results Press release July 2016

Official Press release June 2014

“First Development Impact Bond is Launched” (Center for Global Development) June 2014

“A New Way to Finance Aid in Developing Countries” (Forbes) July 2014

“Pay for Success in Developing Countries: A Case Study of Education in India” (SOCAP Conference) September 2014

“Boys persuade girls back to school in Indian education Campaign” (Reuters) April 2015