World’s first Social Impact Bond successfully completed
The programme to reduce the recidivism rate among short-sentenced offenders initiated in 2010 in the English city of Peterborough as the world’s first Social Impact Bond project has been completed with a positive overall result.
The Peterborough SIB had the goal of reducing the recidivism rate among short-sentenced offenders by at least 7.5 percent, when compared to a control group. The evaluation of the two supervised cohorts of 1000 participants respectively then showed a 9 percent reduction in the recidivism rate. The specified goals have thus been achieved and the agreed funds from the public sector are to be paid out to the pre-financiers.
The project initiated by Social Finance, an organisation established especially to develop and implement Social Impact Bonds, is coming to a successful close after a run time of 7 years.
The official press release of Social Finance can be found in English here.