Development Impact Bond (DIB) definition

Development Impact Bond (DIB). Within the overall concept of RBF there are a variety of instruments, which include Performance-Based Contracts, Impact Bonds, and Prize-Based Challenges, to name a few. • Impact Bonds utilize an investor that provides the upfront working capital to the implementer to deliver their program. The outcome payer repays the investor(s), often with a return, only if results are achieved and have been verified by an independent evaluator. As such, Impact Bonds respond to the constraint of needing upfront capital for program implementation. • When the outcome payer is a foundation or a bilateral or multilateral development agency, we use the term Development Impact Bond, whereas when the outcome payer(s) include(s) a government, we use the term Social Impact Bond (SIB). • Instiglio estimates that, in the past decade, over US$ 26 billion of development spending was funneled through RBF, up from just a few billion in the preceding decade. Illustration of this shift includes: • The World Bank’s Program-for-Results has steadily increased since its creation in 2012, totaling almost USD$ 15 billion worth of RBF funding which has supported over USD$ 70 billion of government programs. • Further, RBF funding has reached 78 low- and middle-income countries through over 280 identified RBF projects. Of these, 108 (38%) are Performance Based Contracts – corresponding to USD$ 6.1 billion – and three are impact bonds, corresponding to less than 1% of the total funds. • However, much RBF programming is focused on achieving outputs, not outcomes, meaning the truly desired social outcomes are not necessarily met (e.g. child school attendance is increased (output) does not necessarily mean child learning rates are increased (outcome)). • Additionally, using RBF to fund outcomes is relatively new, meaning there is a need for more evidence generated under RBF instruments for practitioners to confidently assess how efficient and effective outcomes-based financing is at delivering outcomes. As such, pilots of outcomes-based financing, like the Village Enterprise DIB, are crucial to generating evidence around these mechanisms and can help crowd in funders, service providers, and pre-financiers (e.g. investors) for future outcomes-based financing and scale up in other sectors.
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Examples of Development Impact Bond (DIB) in a sentence

  • Supporting Recipient in issuing a Development Impact Bond (DIB) and providing financing for DIB Payments to eligible DIB Investors into the Development Impact Bond instrument based upon agreed outcome/output results having been achieved.

Related to Development Impact Bond (DIB)

  • Development Phase means the period before a vehicle type is type approved.

  • Commercial Development Plan means the written commercialization plan attached as Appendix E.

  • Phase I Clinical Trial means a human clinical trial that is intended to initially evaluate the safety and/or pharmacological effect of a Product in subjects or that would otherwise satisfy requirements of 21 C.F.R. 312.21(a), or its foreign equivalent.

  • Development Plan has the meaning set forth in Section 3.2.

  • Design Development Documents means the Drawings, Specifications and other documents prepared by the Trade Contractor that establish and describe the size and character of the Trade Contractor Work as to architectural, civil, structural, mechanical and electrical systems, graphics and signage, and other elements, and which include typical construction details, equipment layouts and specifications that identify major materials and systems.