The Prince of Wales unveiled a $100 million fund to empower women in South Asia by channelling bond investors' funds which will create better education and job opportunities in the sub-continent. The Outcomes Fund announced at the Buckingham Palace reception celebrated the achievements of the British Asian Trust.
The Prince of Wales, Royal Founding Patron of the charity, was accompanied by Her Royal Highness The Duchess of Cornwall.
“I can only say that, as each year passes, it raises my spirits to see the growing impact of the Trust, which I founded a little over ten years ago together with leading figures from the British Asian diaspora.
What started as a modest initiative has, I am proud to say, flourished into an organization that has had a positive impact on the lives of so many people and communities right across South Asia,” said the Prince.
The British Asian Trust and its partners launched one of the world's largest Development Impact Bonds focused on education which pays a coupon only if, the pre-agreed social goals of the investment are met. Over the next four years, this Development Impact Bond aims to support the improvement in quality education for 300,000 children in Gujarat and Delhi.
This Fund serves a two-fold function that will see both financial and social returns. The event was attended by The Rt Hon Penny Mordaunt MP, Secretary of State for International Development; The Rt Hon Matt Hancock MP, Secretary of State for Health and Social Care; and, Her Excellency Ruchi Ghanashyam, High Commissioner of India. Other guests included ambassadors of the Trust, model Neelam Gill, founder of New Look, Tom Singh, film director Gurinder Chadha.
“It is such an honour to be here and I pinch myself over it to this day because my job is so fast paced and I am always looking towards the next step and progression. But it has been such an honour to be here and something that I am proud of and don't take for granted,” said Neelam Gill.
The British Asian Trust will seek funding for new the $100 million project from the charity units of the big banks for the initial risk investment and national governments and other big donors for underwriting the final payment.
