Impact Bond: Seoul Welfare Facilities Children Education SIB
Stage of development: Complete
Policy sector: Education
Intervention: Children in Seoul city group homes identified as potential beneficiaries of extra educational support will be administered with an initial Korean Wechsler scale of intelligence test to determine programme eligibility (i.e. IQ between 71 and 84). Eligible children then receive extra-curricular academic and social skills support from service providers over three school years. There are two success measures, increase in IQ test score and improvement in social skills and behaviour. Wechsler test scores will be determined at the beginning and end of the programme. Improvements in IQ to above 84 will be considered successful or, for those children with a mild learning disability, improvement to above 70. The second social skills and behaviour measure is evaluated by school teachers in reports twice a year (six times in total) with the target for success being the average score over the final four reports showing improvement relative to the average score of the first two reports.
Actual end of service provision: 2019-08
Anticipated completion date: 2016-08
Actual completion date: 2016-08
Anticipated duration of service provision: 36
Actual duration of service provision: 36
Total investment commitment currency: South Korean Won
Total investment commitment: 1110000000
Total investment commitment (USD): 956539.14
Investor repayment: The SIB paid paid the principal + 25% interest to the investors
Target population: Up to 100 children living in group care homes in Seoul classed as Borderline Intellectual Functioning (BIF) i.e. an IQ between 71 and 84. A small number of children with an IQ of below 70 (classified as having a mild learning disability).
Targeted number of service users or beneficiaries: 100
Targeted unit type: Individual
Actual number of service users or beneficiaries engaged: 100
Actual unit type: Individual
Notes: * BIF (Borderline Intellectual Functioning) children are those with Intellectual Quotient(IQ) level between 71~84, often recited as ‘slow learners’. Children with Mild Intellectual Disabilities(IQ level between 64~70) possibly included in part should number of BIF children from welfare facilities found to be significantly small.                                                                                                                                                                                                                                                         * Maximum Rewards Condition 42% of target population meets both predefined targets
* Principal Repayment Condition 33% of target population meets both predefined targets