Prince Charles, at the 10th anniversary of the British Asian Trust celebrated at Buckingham Palace, announced the launch of a 10 million-dollar Development Impact Bond (DIB), to improve the education of more than 200,000 children from marginalized communities across India.
The fundraising initiative by the British Asian Trust was set up by the royal family 20 years ago, in order to fight poverty in South Asia. The DIB was released with the support of the UK government’s department for International Development (DfId), Comic Relief, the Mittal Foundation as well as the UBS Optimus Foundation.
The DIB will fund various local not-for-profit delivery partners in India, for a period of 4 years. These delivery partners will provide principal and teacher training, direct school management and supplementary programmes.
Speaking about the Bonds, Prince Charles said, “These bonds are innovative and, I think, a tremendously effective way of raising the funds needed to address some of the greater challenges in the region at the kind of scale necessary to make a significant difference”.