As we approach the December solstice, it’s a case of light being added to the SIB universe from the brightest of places in Australia to, currently, the darkest of winter spots, in Finland. Another illuminating day for SIB progress, where no sunset is in sight for the product’s development…
Finland: Social Impact Bonds To Help Refugees
Carl-Gustav Lindén – Nordic Labour Journal
These so-called Social Impact Bonds (SIB) were developed a few years ago internationally, and now Finland becomes the first Nordic country to make use of them. The Finnish Ministry of Employment and the Economy in cooperation with Sitra, the Finnish Innovation Fund, decided to introduce a three year pilot starting in the spring to employ immigrants.
Australia: Benevolent Society’s Social Bond On Track To Deliver 5 to 8% Per Annum
Sally Rose – SMH
An experimental $10 million “social benefit bond” issued by The Benevolent Society and backed by the NSW government, to fund a program to keep vulnerable children out of foster care, is on track to deliver investors its targeted return of more than 5 per cent a year.
The Benevolent Society will report the first full-year results for the Resilient Families program funded by the “bond” on Tuesday.
“So far the program has safely prevented children in 75 families from entering foster care, which is a win for family unity,” Benevolent Society executive director Wendy Haigh said.
“Coupled with the fact that the average cost to taxpayers of a child in foster care is $66,000 per child per annum, this is also a win for the social welfare budget”.