Social impact bond
Bond repaying investment based on social outcomes / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Social impact bond?
Summarize this article for a 10 year old
A social impact bond (SIB), also known as pay-for-success financing,[1] pay-for-success bond (US),[2] social benefit bond (Australia),[3] pay-for-benefit bond (Australia),[4] social outcomes contract (UK), social impact partnership (Europe), social impact contract (Europe),[5] or simply a social bond,[6] is a form of outcomes-based contracting. Although there is no single agreed definition of social impact bonds, most definitions understand them as a partnership aimed at improving the social outcomes for a specific group of citizens.[7] The term was originally coined by Geoff Mulgan, chief executive of the Young Foundation.[8] The first SIB was launched by UK-based Social Finance Ltd.[9] in September 2010.[10]
By July 2019, 132 SIBs had been launched in 25 countries, and they were worth more than $420m.[11] As of May 2023[update], 23 countries use SIBs, with (as of 2022[update]) 276 projects in place and capital raised to the value of $745m.[12]