The AU$7 million social benefit bond (SBB) funding the Newpin program run by UnitingCare Burnside will deliver a return of 7.5% to investors this year after its first 12 months.
According to Social Ventures Australia (SVA), which launched the SBB, Deloitte has certified the 7.5% return for the Newpin SBB. The SBB is Australia’s first offering and funds the Newpin program run by UnitingCare Burnside, which operates out of four centres in Sydney’s west. The program is designed to prevent children entering foster care and improve the rate of children being safely returned to their families. The bond will fund the maintenance of existing centres, and the planned expansion of six more centres in New South Wales.
To read more of this article, please subscribe to The Sustainability Report
Latest posts by Rachel Alembakis (see all)
- Government retains gender equity reporting framework - February 27, 2015
- Funds using custodian to monitor ESG mandates: J.P. Morgan - February 27, 2015
- Future Super founders to launch Future Home Loans - February 25, 2015