The Utkrisht Development Impact bond is the world’s first and largest healthcare Development Impact Bond, bringing together private and public sector actors. This case study was developed to share insights on its conception, design, and management

Initially, Palladium invested its own capital to start piloting an impact bond with the government of Rajasthan – an Indian state with an urgent need to improve its maternal and newborn mortality rates. After a year, Palladium was awarded a grant from Convergence, an institution that supports blended finance vehicles that attract private capital to global development. Convergence chose Palladium for its ambitious use of outcome funding and its commitment to launching the bond in the face of great complexity.

If the impact bond achieves its targets, there will be at least 360 quality assured private facilities where women can access maternity care in Rajasthan, with up to USD $8M in outcome funds paid back to investors and service providers. Convergence shares its insights funding the impact bond, including how to minimize costs, navigate stakeholders, and stay flexible.

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