{"id":2555,"date":"2019-02-19T21:47:36","date_gmt":"2019-02-19T21:47:36","guid":{"rendered":"https:\/\/alvaralice.org\/en\/?p=2555"},"modified":"2019-02-20T21:50:27","modified_gmt":"2019-02-20T21:50:27","slug":"cali-launches-the-second-social-impact-bonds-project-in-colombia","status":"publish","type":"post","link":"https:\/\/alvaralice.org\/en\/news\/cali-launches-the-second-social-impact-bonds-project-in-colombia\/","title":{"rendered":"Cali launches the Second Social Impact Bonds Project in Colombia"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Fundaci\u00f3n Alvaralice will be one of the operators for this\u00a0 program, together with: Fundaci\u00f3n Carvajal<\/a>, Fundaci\u00f3n Colombia Incluyente<\/a> and Kuepa.[\/vc_column_text][vc_video link=”https:\/\/www.youtube.com\/watch?v=5TSJ6QGGLTU”][vc_column_text]A Social Impact Bond (SIB)<\/a> is a financing mechanism that combines outcome payments, cooperation between public and private sector, and impact investing to resolve social problems. Initially developed by the Social Finance organization<\/a>\u00a0as a mechanism of separation between the cost of a social intervention and the cost of actually obtaining results, SIBs allow public spending to be transformed towards cost efficient, preventive policies.<\/p>\n

A SIB has one or more investors providing the working capital needed by the intervention, one or more service providers specialized in the social problem at hand, and one or more outcome payers form the public sector that repay the investors if and when the expected results are achieved.<\/p>\n

It is worth noting that Colombia was the first developing country to implement a Social Impact Bond (SIB) in 2017 with a program that focused on vulnerable population and victims of the armed conflict by providing them with training on issues of employability.<\/p>\n

On February 4th<\/sup>, 2019, the office of Mayor Maurice Armitage of Cali, in Alliance with the Innovation Laboratory of the Inter-American Bank<\/a> (I-Lab)<\/a>, the Economic Cooperation for Development Program (SECO) of the Swiss Embassy in Colombia<\/a>, and the Inversor Corporation<\/a> – representing the impact investors -, launched the Social Impact Bond – \u201cCali Progresses with Employment\u201d- the second in Colombia.<\/p>\n

The impact investors for this Social Investment via Inversor Corporation<\/a> are: Fundaci\u00f3n Corona<\/a>, Fundaci\u00f3n Mario Santo Domingo<\/a>, Fundaci\u00f3n Bol\u00edvar Davivienda<\/a>, Fundaci\u00f3n Plan<\/a> and Fundaci\u00f3n WWB Colombia<\/a>.<\/p>\n

The operators of \u201cCali Progresses with Employment\u201d will be: \u00a0Fundaci\u00f3n Alvaralice, Fundaci\u00f3n Carvajal<\/a>,\u00a0 Fundaci\u00f3n Colombia Incluyente<\/a> and Kuepa.\u00a0 The technical and legal framework for this program was designed with the assistance of expert advisors from Instiglio,<\/a> Dur\u00e1n & Osorio<\/a>, Baker McKenzie<\/a> and Fundaci\u00f3n Probono<\/a>.\u00a0 The results of the program will be verified by Deloitte<\/a>, which will serve as the independent auditor.<\/p>\n

Important to Know:<\/u><\/p>\n

    \n
  1. “The SIBs are an innovative financial mechanism based on payment for results. Cali and the I-Lab, as co-payors, will only pay for the individuals that actually find and retain stable employment, for at least 3 to 6 months, and not for activities that the program operators will be providing (such as training courses or job intermediation with employers)”<\/em>.<\/li>\n
  2. “Colombia is pioneering the implementation of this model in South America. Cali will be part of a group of cities committed to the Social Impact Bonds at a global level. In Colombia, the first Social Impact Bond, \u201cEmploying the Future\u201d, which was also focused on employment of vulnerable populations, yielded important lessons for the work about to start in Cali.\u00a0 This second Bond will serve as an example for many other cities in the country and region<\/em>“.<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text]Fundaci\u00f3n Alvaralice will be one of the operators for this\u00a0 program, together with: Fundaci\u00f3n Carvajal, Fundaci\u00f3n Colombia Incluyente and Kuepa.[\/vc_column_text][vc_video link=”https:\/\/www.youtube.com\/watch?v=5TSJ6QGGLTU”][vc_column_text]A Social Impact Bond (SIB) is a financing mechanism that combines outcome payments, cooperation between public and private sector, and impact investing to resolve social problems. 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