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Impact Bonds

Sharing valuable expertise on Impact Bonds

For over 40 years, CICan has mobilized the experience and expertise of its member institutions to deliver large scale international cooperation programs in education.

CICan is combining its international experience and its experience as the intermediary in Canada’s first federally funded impact bond to design outcomes-based financial instruments with the aim of improving the lives of women, youth and disadvantaged populations in partner countries around the world.

CICan was the intermediary in the Essential Skills and Social Finance (ESSF), an impact bond Commissioned by the Government of Canada. The ESSF impact bond helped to gain an understanding of the optimal conditions for the design and implementation of impact bonds and to test their market viability and effectiveness in a Canadian context. CICan established a Special Purpose Vehicle, raised and managed investor capital, convened stakeholder, managed and reported on the impact bond’s performance and social impact.

Impact bonds are an innovative way to finance international cooperation projects. DIBs are increasingly being used by governments and donors to explore innovative concepts or to scale proven solutions to the world’s most complex and intractable problems.

CICan’s Innovative Finance Advisory Committee (IFAC) provide strategic direction and advice to the association in its effort to design and implement a Development Impact Bond (DIB).

The IFAC comprises the following members:

  • André Gobeil, Directeur Général, Cégep de Chicoutimi
  • Bill Chislett, Director, MI International, Fisheries and Marine Institute of Memorial University of Newfoundland
  • Erica Barbosa, Global head of Sustainable Finance and Innovation, SecondMuse Capital
  • Jared Lee, Director of Programs, Education Outcome Fund
  • Miléna Castellnou, Principal, Education Outcome Fund
  • Jennifer Brennan, Head of Canada Programs, MasterCard Foundation
  • Marian Gayed, Vice-President, External Relations and Partnerships, Norquest College
  • Nalini Andrade, Manager, International Development Institute, Humber College

Fast Facts

  • 214 Impact Bonds Contracted Globally in 35 countries
  • Impact bonds contracted by Sector: 75 in social welfare, 65 in employment, 31 in health, 26 in education, 13 in criminal justice, 4 in Environment & Agriculture
  • Average duration: 52 months
  • Average upfront capital: $3.12 million
  • Sum of upfront capital: $437.27 million

Source: Brookings Institution