Human PlanetInnovative Finance AcademyChildFund Alliance
Case library

Case 02 · Health and gender, Ethiopia, 2022 to 2024

A bilateral agency paid CARE on results for girls' menstrual health.

The deal
InstrumentDevelopment impact bond
AmountEUR 3m outcome funding
Outcome funderFrench Development Agency
ImplementerCARE France and partners
InvestorBNP Paribas
Investor returnUp to 5.1 percent internal rate of return
Outcome metricsGirls' mobility, needs met, school WASH, vouchers redeemed

How it works

  1. 1BNP Paribas pre-finances the programme.
  2. 2CARE runs awareness, builds school sanitation and supports local pad production.
  3. 3An evaluator measures the agreed outcomes.
  4. 4AFD pays for verified results and investors are repaid.

For you: a programme with no revenue line was financed because outcomes were priced.