Outcomes-based finance has come to be championed as a solution for environmental and health problems and ideal for the needs of Indigenous communities
Heating homes in the Fisher River Cree Nation in central Manitoba has long been labour-intensive and costly. Elders often need help gathering firewood during frigid winters, and other residents faced hefty bills for electric heat.
On Wednesday, Raven Indigenous Impact Foundation, which owns 50 per cent of the outcomes fund, released a report quoting statistics that show that global well-being is worsening even as government spending on human services keeps increasing. The report calls for an expansion of OBF in Canada. “So clearly, the programming that’s been put in place, mostly statutory programming by the federal government, in particular, is missing the mark. It’s not really meeting our communities where they’re at with things,” he said.
OBF is designed to help as governments struggle to spend efficiently, especially on tightly focused items. Some of its iterations include pay-for-success models and social impact bonds. The latter was first used in Britain in 2010, and since then, investors have plowed US$722-million into 275 projects serving over two million beneficiaries.
Community Raven Government Obf Fund Program Report Programming First Nations Manitoba Britain
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