An 10 million-dollar project was launched by Britain’s Prince Charles which seeks to empower Indian children by imparting quality education. This new Development Impact Bond (DIB) will help to improve education for over 200,000 children in India. This impact project is the largest bond in South Asia and is the latest in the line of several fundraising projects carried out by the British Asian Trust (BAT). BAT is a royal initiative set up a decade ago to fight poverty issues prevailing in South Asia.

“We are launching a 10-million-dollar Development Impact Bond that will improve education for more than 200,000 children in India,” Prince Charles said at a Buckingham Palace event which marked the 10th-anniversary celebrations of the trust.

“This will be the largest bond of its type in the region and will, I hope, offer a compelling model for a more effective approach to philanthropy at scale,” he said.

Prince Charles has teamed up with the international philanthropist and champion of global impact investing, Sir Ronald Cohen in order to socially finance these matters.

“These bonds are an innovative and, I think, a tremendously effective way of raising the funds needed to address some of the greatest challenges in the region at the kind of scale necessary to make a significant difference,” he said.

The new bond has been launched by the trust with the support of the UK government’s Department for International Development (DfID), Comic Relief, the Mittal Foundation and the UBS Optimus Foundation.

Under the initiative, the DIB will provide funding to local not-for-profit delivery partners in India over four years, delivering a range of operational models including principal and teacher training, direct school management, and supplementary programmes.

The primary intention is to improve the literacy and the numeracy learning levels of primary school students from marginalised communities in the country.

“This is the most exciting period in the Trust’s history. We have had an enormous impact on the lives of millions of people and everything is in place to substantially scale this up in the years ahead. It is a privilege to be involved with such a dynamic and innovative charity,” said Manoj Badale, chairman of the British Asian Trust.

The Prince of Wales was accompanied by wife Camilla Parker-Bowles, the Duchess of Cornwall,  praised the South Asian Diaspora for its “extraordinary generosity” and announced plans for the trust’s expansion to Bangladesh.

Source: The Siasat Daily