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UNDP and Pimpri Chinchwad Municipal Corporation collaborates to co-create India’s first Social Impact Bond

Pimpri Chinchwad Municipal Corporation, Pune has recently signed an MoU with UNDP India to co-create India’s first Social Impact Bond (SIB).
A Social Impact Bond, also called pay-for-success bond or pay-for-success financing or simply social bond, is basically a contract with public sector authority, where it pays for better social outcomes.
This bond is a form of outcome-based contracting and aims at improving social outcomes for a specific group of citizens.
The PCMC administration will bear the costs of a public welfare project associated with the bond if the pre-defined project targets are fulfilled.