SDG Impact Finance awards USD 200,000 (approx. 1.63 Cr.) grant to Varthana and its Consortium

Bangalore, February 2023: SDG (Sustainable Development Goals) Impact awards USD 200,000 (approx. 1.63 Cr) grant to a consortium together with Varthana, Global Schools Forum (GSF), Kaizenvest, and IDP Foundation. This grant is supported by Convergence Blended Finance.

The grant is to enhance entry to high quality schooling throughout chosen geographies in South Asia and Africa by way of impact-linked financing. This initiative can be funded by the State Secretariat for Economic Affairs SECO, the Swiss Development Cooperation Agency SDC, the UBS Optimus Foundation, and the Credit Suisse Foundation.

The consortium of Varthana, Kaizenvest, IDP Foundation, and Global Schools Forum, proposes to arrange a Global Finance for Education Fund to present USD 35 million of catalytic and funding capital to monetary establishments and intermediaries serving non-public ECD (Early Childhood Development), LCPS (Low-Cost Private Schools) and ability growth suppliers, throughout 6 international locations in South Asia, Africa, and probably South America.

The consortium’s impression finance design concept was chosen alongside six different winners from 76 purposes for its potential to make a significant distinction within the lives of underprivileged kids aged between 0-18 years. The closing winners had been chosen by a staff from Convergence and SDG Impact Finance after reviewing impression finance design concepts from the 4 UN Sustainable Goals: SDG 4 (Quality Education), SDG 8 (Decent Work and Economic Growth), SDG 12 (Responsible Consumption and Production), and SDG 13 (Climate Action).

The consortium’s answer is designed to help Low-fee Private Schools to enhance studying outcomes and fairness in virtually 520,000 low-middle-income learners enrolled in colleges throughout the 6 recognized international locations (India, Pakistan, Kenya, Ghana, Uganda, and Nigeria).

It additionally goals to speed up progress towards studying restoration by facilitating entry to extra and higher monetary devices by way of:

1. Increasing the quantity of debt capital and fairness investments obtainable for on-lending to LCPS;

2. Scaling up and enhancing the pilot performed by Varthana of tying monetary loans for LCPS to clear rewards for enhancing entry and studying outcomes for ladies and marginalized teams, and for enhancing entry to finance for girls proprietors or LCPS