Pimpri Chinchwad Municipal Corporation, Pune has recently signed an MoU with United Nations Development Programme (UNDP) India to co-create India’s first Social Impact Bond (SIB). This is the first time that a government body will act as the ‘outcome funder’ in a bond, whereas traditionally most government-funded public projects require large and early investments by the government with a substantial gestation period of outcomes and involve various kinds of risks.
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About Social Impact Bond:
- A Social Impact Bond also called pay-for-success bond or pay-for-success financing or simply social bond is basically a contract with public sector authority, where it pays for better social outcomes.
- This bond is a form of outcome-based contracting and aims at improving social outcomes for a specific group of citizens.
- The PCMC administration will bear the costs of a public welfare project associated with the bond if the pre-defined project targets are fulfilled.
Important takeaways for all competitive exams:
- UNDP Headquarters: New York, New York, United States.
- UNDP Head: Achim Steiner.
- UNDP Founded: 22 November 1965.
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