JSW Foundation collaborates with global partners to launch India’s first Skill Impact Bond
“Skills drive the nation. The JSW Foundation has decided to be an outcome funder to India’s first Skill Impact Bond in order to cultivate an innovative approach in the skill development space. A greater emphasis on placement and retention will definitely help secure a long-term impact. Skills are tools that translate dreams into reality. We are supporting this unique initiative to strengthen the overall skilling ecosystem in the country”. - Mrs Sangita Jindal, Chairperson - JSW Foundation
Sharing the vision of an ‘employment ready’ young India, the National Skill Development Corporation (NSDC) in collaboration with a coalition comprising HRH Prince Charles’s British Asian Trust, the Michael & Susan Dell Foundation, JSW Foundation, The Children’s Investment Fund Foundation, HSBC India, and Dubai Cares, with FCDO (UK Government) & USAID as technical partners, today announced the launch of the first-of-its-kind and the largest Impact Bond for Skilling. The Skill Impact Bond (SIB) is also the first impact bond involving public, private partners and a public private partnership organisation, NSDC.
The coalition has brought together a US$14.4 million fund to benefit 50,000 young people in India over four years. The target group includes 60 percent women and girls and to equip them with skills and vocational training and provide access to wage-employment in Covid-19 recovery sectors including retail, apparel, healthcare, and logistics.
The collaboration amongst global partners also aims at building capacity of India’s skilling and Technical and Vocational Education and Training ecosystem through knowledge exchange and promoting good practices. The stakeholders will work towards promoting effective interventions, supporting research and enhancing the impact of the skill development program.
In tandem with the government’s efforts to promote skill-based training and in a quest for better project outcomes everyday, JSW Foundation has joined the consortium as an outcome funder with a strong focus on ground realities of our communities.
