Sharing the vision of an ‘employment ready’ young India, the National Skill Development Corporation (NSDC) in collaboration with a coalition of public and private entities, launched the first-of-its-kind Impact Bond for Skilling.
PAHAL through its health financing model is providing Technical assistance for monitoring, learning and evaluation to Skill India Impact Bond (SIIB). This collaboration brings together various philanthropic agencies, skilling partners, risk investors, and capital providers to promote capacity building of India’s skilling and Technical and Vocational Education and Training (TVET) ecosystem. The initiative aims to generate long-term employment opportunities and improve overall health and well-being of the of the skilled individuals.
SIIB APPROACH
- The risk investor commits upto US$4Mn to fund service provider interventions upfront
- Outcome funders commit US$14.4Mn over 4 years
- Service providers deliver skilling interventions to improve employment outcomes
- Skilling outcomes are measured by an independent evaluator
- Verified achievement of skilling outcomes that translate into employment triggers outcomes payment to repay the risk investors
Key Outcomes
- $14 million+ fund mobilised for the Impact Bond
- 50,000+ young people in India to benefit over four years
- 60% of beneficiaries will be women and would be provided employment in COVID-19 recovery sectors including retail, apparel, healthcare, and logistics
