Press release: Impact bond for Syrian refugee livelihoods receives funding for structuring and launch
Convergence announced it will award a Design Funding grant to Kois Invest to structure and launch an impact bond to support organizations providing employment integration and entrepreneurship development programs to Syrian refugees and vulnerable local populations in Jordan, Turkey, and Lebanon. Syrian refugees account for 20% of the approximately 60 million displaced people globally, with neighboring countries facing intense migratory pressure and difficulty offering refugees a decent living.
Kois Invest will raise between USD 10-30 million for the impact bond from socially-motivated investors. This capital will be distributed to 2-6 organizations to provide skills training and entrepreneurship support for Syrian refugees and vulnerable populations over 2-3 years. If the organizations achieve predetermined results – for example, students secure well-paid employment with strong benefits – investors will be repaid their capital plus a return from outcome funders like foundations and aid agencies.
Photo courtesy of Natalia Cieslik.