The Education Commission, chaired by Gordon Brown, and the Global Steering Group for Impact Investment have come together under the chairmanship of Sir Ronald Cohen to establish a $1 billion Education Outcomes Fund for Africa and the Middle East (EOF).
EOF aims to help transform educational attainment in the region and achieve SDG 4 alongside the Global Partnership for Education (GPE) and the International Financing Facility for Education (IFFEd). EOF will pool grant funds from aid agencies, CSR entities, and philanthropic donors and foundations. These funds will then be deployed through pay-for-success programs, with impact investors providing working capital through development impact bonds (DIBs).
In doing so, EOF will seek to rapidly scale up proven and/or innovative services from non-state actors in priority areas such as early childhood development and technical and vocational education and training, in order to bring much needed capacity and capabilities to strengthen state education systems and help developing countries ‘leapfrog’ their quality of provision.
You can read the Education Commission's report on the state of global education here: