We welcome the UK Government's announcement today about a £79 million package to fund impact bonds in education, health, clean water and climate resilience programmes in Africa. The initiative marks a fundamental shift in the way governments and donors pay for results and is a significant commitment from the UK Government to building the global outcomes market.
We are delighted to be one of DFID's partners, working together to tackle the learning crisis in Africa. The crisis has already led to millions of children not being able to read or write, even after they leave school. The Education Outcomes Fund (EOF) is spearheading a new approach to education in the region, bringing together national governments and international funders to improve learning in schools and to strengthen national education systems.
Dr. Amel Karboul, CEO of the Education Outcomes Fund, said: “If we stay on the current track, half of the world’s children will be failing to learn by 2030. We need radical solutions to this global learning crisis. Paying for outcomes, and not for activities, will have a profound impact on the effectiveness and accountability of aid money. With today's announcement, the UK is leading the way.”