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This is a summary of the Evaluation Report of the first research wave of the Independent Evaluation of DFID’s Development Impact Bonds (DIBs) Pilot Programme. The programme runs from June 2017 to March 2023. DFID has allocated GBP 6.3 million for three projects under the DFID supported DIBS pilot programme, comprising the ICRC Humanitarian Impact Bond for Physical Rehabilitation; the Village Enterprise Micro-Enterprise Poverty Graduation Impact Bond and support to the British Asian Trust to design impact bonds for education and other outcomes in South Asia. 

The programme aims to test whether DIBs are a suitable tool for DFID, and to generate understanding of how and when DIBs can add value in DFID programming and support DFID’s commissioning, management, and effectiveness in delivering programmes on a Payment by Results (PbR) basis.

The DIBs pilot programme has the following objectives:

Objective 1: Understand the process of agreeing and managing a project on a DIB basis, including implications for DFID’s funding arrangements, assurance and financial management.

Objective 2: Build an understanding of whether DIBs enable efficient and effective delivery of programmes in DFID priority results areas, and how they can support innovation.

Objective 3: Build an understanding of the conditions for DIBs to be an appropriate commissioning tool and the costs and benefits of using them.