In an effort to improve literacy and numeracy learning levels of over 200,000 primary school students from marginalised communities in Delhi, Gujarat and Rajasthan, Britain's Prince Charles has given his backing to a new development bond for India.
"I hope that through the trust we can impact the lives of not just children in India but also change the mindsets of philanthropists around the world," Prince Charles said ahead of his visit to India.
He will be arriving in New Delhi on Wednesday as part of his ongoing Asian tour.
The British Asian Trust, founded by the Prince of Wales, has created the 10-million-dollar Education Development Impact Bond (DIB) to fight poverty in South Asia and is designed to improve learning outcomes for thousands of marginalised children in India.
It is intended to improve literacy and numeracy learning levels for over 200,000 primary school students from marginalised communities in Delhi, Gujarat and Rajasthan.
The bond will be tied in with performance and outcomes of educational initiatives. Starting in India, the bond will eventually spread across the trust's other regions of operation.
With an objective to transform the future of education in India, the Education Development Impact Bond has been developed by the trust alongside UBS Optimus Foundation.
As part of the initiative, the DIB will provide funding to four local not-for-profit delivery partners in the country over four years and it will deliver a range of operational models including principal and teacher training, direct school management, and supplementary programmes.
The UK government's Department for International Development (DfID) will contribute technical assistance and insights to the project as part of a wider partnership.
The bond has been described as a step towards a greater focus on social impact financing as a transformational tool for philanthropy.
The concept of Development Impact Bonds is intended as a result-oriented way to attract new capital into development, with a strong emphasis on data and evidence.
In India, Prince Charles will meet Prime Minister Narendra Modi for bilateral talks as part of a series of events planned during his two-day visit with wife Camilla, Duchess of Cornwall.