Sustainability Language

Sustainable Finance & Investment

Development impact bond (DIB)

An outcomes-based contract in which investors fund development services upfront and an external donor repays them only if agreed outcomes are achieved.

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Definition

A development impact bond is an outcomes-based financing structure in which private investors provide upfront capital for a service provider to deliver a development programme, and an outcome payer — typically an external aid agency or philanthropic organisation — repays investors only if pre-agreed, measurable outcomes are achieved. DIBs are the international counterpart to social impact bonds, where the outcome payer is usually a domestic government.

References

Overview

What it means

Shifting delivery risk to investors and paying for verified results rather than inputs or activities.

How it is used

DIBs have funded education, health and livelihoods programmes in developing countries; the structure demands rigorous outcome measurement and independent verification.

Why it matters

DIBs are a flagship instrument of results-based development finance, tying scarce aid money to demonstrated impact.

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