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This article was published 9/6/2015 (2300 days ago), so information in it may no longer be current.
A Progressive Conservative government would help fund non-profit groups using privately funded social impact bonds.
Opposition Leader Brian Pallister said today if he becomes premier in next year’s election, his government would enter into a contractual agreement with an intermediary that administers the social impact bonds (SIB).
He said the intermediary would be responsible for identifying private-sector investors, raising capital and hiring and managing non-profit service providers.
If a project achieves the specified objectives, Pallister said his government would then repay the investor’s capital contribution plus an agreed-upon return.
He said SIBs would allow the government to target innovative services and build on current social services programming — not replace it.
The Tories also say SIBs are instead a way to use private capital for the public good.
They say SIB-funded programs are designed to be precisely defined and measurable, and allow government to focus on specific preventative services.
An example, the party said, would be a service provided by an agency to help young single mothers finish their education with supports such as specialized child care, addictions or mental health counselling, housing and training.
The PCs also say social impact bonds are currently being used in New South Wales in Australia to reduce the number of children in care.
SIBS have also been used in the United Kingdom to reduce recidivism among short-sentenced offenders at Peterborough prison.