Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UK finds new funding for social projects  Join our daily free Newsletter

MENAFN - AFP - 24/02/2013

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Whether it's tackling reoffending or keeping troubled families together, cash-strapped Britain is turning to a new payment-by-results scheme to provide public services -- and selling it to the world.Three years after they were first conceived, interest in so-called social impact bonds is growing as a way to encourage private investors to take over services from governments battling the aftermath of the financial crisis.The idea is simple. Philanthropic or business groups put up money for a social project with defined outcomes, such as helping homeless people off the streets, and if it succeeds, the state pays the bill and investors reap the rewards.If it fails, the investors lose their money and the taxpayer is unaffected.Although they were first launched under the previous Labour government, the bonds fit into Prime Minister David Cameron's "Big Society" project, which seeks to transfer government functions to civil society groups."In the past a huge amount of money has been wasted, and we're still left with stubborn, difficult social problems," the government minister for civil society, Nick Hurd, told AFP."We're determined to do a better job in tackling them even though we've got less money, so we have to be much smarter about how we spend the money and that's why we're changing the culture."Since the first ground-breaking project in 2010, social impact bonds have spread across Britain and they have also been adopted in the United States.Cameron intends to use Britain's presidency of the G8 this year to promote the idea, saying earlier this month that developed nations faced a shared challenge of tackling social problems while reducing their debt."Making this work requires a new kind of financial investment to help grow a bigger, stronger society. Britain is a global leader in this field," he said.The first social impact bonds were issued in 2010 in Peterborough, an otherwise unremarkable town in eastern England looking for a solution to high rates of reoffending among short-term prisoners at the local jail.Charitable trusts and foundations funded a 5 million project to help 3,000 short-term prisoners reintegrate into society following their release from Peterborough prison.If reoffending rates fall by at least 7.5 percent from what would be expected, investors will see returns of up to 13 percent a year.Although the first results are not due until 2014, the initiative has been replicated across the country with a dozen other projects now in development, many of them supporting innovative methods that would not normally get funding.In November 2012, the Greater London Authority approved a three-year outreach programme by two charities to help 800 homeless people off the streets of the British capital."What the GLA has done is basically say: we don't care how you do it, all we care about is the results, and that's great because it leaves us the free hands to design solutions," Mike McCall of the St Mungo's charity told AFP.A week after the London scheme was approved, authorities in nearby Essex awarded a 3.1 million scheme to help 380 teenagers at risk of going into state care to stay with their families.The success of the five-year plan will be measured by a reduction in the days the youngsters spend in care, as well as their school results and behaviour. If achieved, bond investors might expect returns of up to 12 percent a year.Among the backers in Essex are private investment firm Bridges Ventures and Big Society Capital, which uses funds from dormant bank accounts, but supporters hope a wider range of investors will step in when the first trials are complete."There will be a tipping point I think once some of the results start coming in and people will look differently at it," said Alisa Helbitz of Social Finance, which specialises in arranging funding for social enterprises.Danyal Sattar, social investment manager at the Esmee Fairbairn Foundation, which worked on the Peterborough and Essex projects, admitted the risks were high and said the yields may need to be raised to attract more backers.Although his organisation likes the flexibility of the current system, he said: "At the end of it, to do this on a more replicated scale, government is going to have to offer appropriate returns to investors

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Dubai SME ties up with Taylor Wessing to raise awareness on Intellectual Property and fund-raising among SME100 firms ,MENAFN Press
(MENAFN Press) Dubai SME, the agency of the Department for Economic Development in Dubai mandated to develop the SME sector, have signed a memorandum of understanding (MoU) with the international law ...

Apr 24 2014Mannai Corporation net profit soars 73 percent in Q1 ,MENAFN
(MENAFN) Qatar's Mannai Corporation said that its net profit in the first quarter of this year increased significantly, the Peninsula Qatar reported. The group said that net profit in the period ...

Apr 24 2014Redefining large AOC launches 28€³ MVA monitors ,MENAFN Press
(MENAFN Press) Display specialist AOC launches its first two 28" (71.1 cm) monitors. The m2870Vhe and m2870Vq feature extra-large 16:9 MVA panels with Full HD resolution, wide viewing angles and high ...

Apr 24 2014Finance House Q1 Net Soars 38% to AED 35.51 Million ,MENAFN Press
(MENAFN Press) Finance House PJSC (FH), has kicked-off 2014 on an upbeat note by registering a consolidated net profit of AED 35.51 million for the first quarter of 2014, which is nearly 38% higher ...

Apr 24 2014Mazola launches Sunflower Oil in new 1.8 litre label and packaging ,MENAFN Press
(MENAFN Press) Mazola, one of the leading names in the regional food industry, today announced the launch of its 1.8 litre Sunflower Oil in a brand new pack and label design. The new look perfectly ...

Apr 24 2014Estidama Villa Experience Centre Highlights Benefits of Resource-Efficient Living at Cityscape ,MENAFN Press
(MENAFN Press) The Abu Dhabi Urban Planning Council (UPC) today opened its Estidama villa experience to Cityscape visitors, giving them the chance to explore some of the innovative features designed ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014Dusit International reasserts its position as one of Asias leading hospitality groups ,MENAFN Press
(MENAFN Press) Dusit International will reassert its position as one of Asia's leading hospitality groups during the upcoming Arabian Travel Market (ATM), with the attendance of COO David Shackleton ...

Apr 24 2014Software AG Apamas contribution to financial market stability recognized ,MENAFN Press
(MENAFN Press) Dubai, UAE, April 24, 2014 – Software AG (Frankfurt TecDAX: SOW) today announced that its Apama software has been recognized as the industry leading ultra-high performance complex ...

Apr 24 2014Dubai Investments raises foreign ownership cap to 35% ,Khaleej Times
(MENAFN - Khaleej Times) Dubai investments (di) the largest investment company listed on the dubai financial market (dfm) has raised the foreign ownership limit in the company from the existing 20 ...

Apr 24 2014UAE- UPC issues guidelines on underground utilities installations ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi has come up with new guidelines for the installation of underground utilities which will also help in cutting costs. the new guidelines would benefit ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help