Prince Charles to fund new education bond for India
Britains Prince Charles, who is set to arrive in New Delhi as part of his ongoing Asian tour, has given his backing to a new development bond for India to provide education to marginalised children in the country.
The 10-million-dollar Education Development Impact Bond (DIB) has been created by the British Asian Trust, founded by the Prince of Wales to fight poverty in South Asia, and is designed to improve learning outcomes for thousands of marginalised children in India.
The bond is intended as an innovative and sustainable social impact investment tool which will be tied in with performance and outcomes of educational initiatives, starting in India and then across the trust’s other regions of operation.
This can impact the lives of not just children in India but also change the mindsets of philanthropists around the world
Education Development Impact Bond
- It has been developed by the trust alongside UBS Optimus oundation with the aim of transforming the future of education in India.
- Under the initiative, the DIB will provide funding to four local not-for-profit delivery partners in the country over four years, delivering a range of operational models including principal and teacher training, direct school management, and supplementary programmes.
- It is intended to improve literacy and numeracy learning levels for over 200,000 primary school students from marginalised communities in Delhi, Gujarat and Rajasthan.
The bond has been described as a step towards a greater focus on social impact financing as a transformational tool for philanthropy.
The concept of Development Impact Bonds is intended as a result-oriented way to attract new capital into development, with a strong emphasis on data and evidence.
Philanthropy involves charitable giving to human causes on a large scale. Philanthropy must be more than just a charitable donation. It is an effort an individual or organization undertakes based on an altruistic desire to improve human welfare. Wealthy individuals sometimes establish foundations to facilitate their philanthropic efforts.
Philanthropy dates back to Greek philosopher Plato in 347 B.C. His will instructed his nephew to use the proceeds of the family farm to fund the academy that Plato founded. The money helped students and faculty keep the academy running.
Around 150 years later, Pliny the Younger contributed one-third of the funds for a Roman school for young boys. He instructed the fathers of the students to come up with the rest. The intention was to keep young Romans educated in the city rather than abroad.