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The Utkrisht Impact Bond is a development impact bond designed to improve the quality of maternity care offered by private providers in Rajasthan, India. This collaboration between MSD for Mothers, UBS Optimus Foundation, USAID and Palladium is one of only a few active impact bonds for health in the world. At its midpoint, Mathematica, Utkrisht’s independent verification assessor, has developed this midline outlining findings and insights from this experiment in innovative finance for maternal health. This report offers important insights for stakeholders considering the application of impact bond financing mechanisms for health. The launch of the midline report will be complemented with a virtual panel to underscore insights and lessons learned at Utkrisht’s midpoint.

This midline report on quality and health outcomes from the Utkrisht Development Impact Bond (DIB) includes a series of standalone chapters to enable readers to choose the specific aspect of the DIB to learn about. Mathematica, the Independent Assessor for the Utkrisht DIB in India, developed this report sponsored by MSD for Mothers. The views, thoughts, and opinions expressed in this report belong solely to the authors and reflect their current learning and understanding at the time of dissemination. The report contents do not necessarily reflect the official policy or position of Mathematica, or any other agency or organization.