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Evaluation Report | 1 Dec 2022

Findings from the third wave of the Independent Evaluation of the FCDO Development Impact Bonds Pilot Programme - Full Report

Authors: Emily Grant, James Ronicle, David Crane, Rebecca Smith, Morgan Fairless and Jennifer Armitage

Organisations: Ecorys, Foreign, Commonwealth & Development Office (FCDO) (Government)

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In 2017 the Foreign, Commonwealth and Development Office (FCDO) (formerly Department for International Development – DFID) launched the Development Impact Bonds (DIBs) pilot programme. The DIBs pilot gramme ran over a period of almost six years, from June 2017 to March 2023. It aimed to build the evidence base on the suitability of DIBs to improve the efficiency and effectiveness of development programmes in several sectors, including income generation, education, health, and disability. FCDO allocated GBP 6.3 million for three projects:

  • International Committee of the Red Cross (ICRC): Humanitarian Impact Bond for Physical Rehabilitation,
  • Village Enterprise (VE): Micro-Enterprise Poverty Graduation Impact Bond,
  • British Asian Trust (BAT): to design impact bonds for education and other outcomes in South Asia, including the Quality Education (QEI) DIB.

Ecorys was commissioned to evaluate the programme, aiming to generate learning to inform FCDO’s future policy around DIBs. This is the third and final report from this assignment. It summarises and captures final learnings and conclusions from the implementation stage.