WASHINGTON, CMC – The Inter-American Development Bank (IDB) Wednesday said that its pioneering Education, Youth, and Employment (EYE) bond program, through which countries such as Suriname and Jamaica are beneficiaries, is expected to benefit more than 2.7 million students over the next four years.
EYE bonds, which carry the triple-A credit rating of the IDB, help connect investors with IDB programs in education, youth, and employment in Latin America and the Caribbean, the IDB said, noting that since its launch, the Washington-based financial institution has issued 52 EYE bonds, for a total of US$3.1 billion.
The IDB said that over the next four years, projects supported by IDB EYE bonds are expected to train 266,000 teachers, test 725,000 students and provide training to 8,000.
The program aims to solve the challenges of poverty and inequality through a life cycle approach, from early childhood care and education to formal primary and secondary education, as well as facilitating labor market placement. It focuses on the Sustainable Development Goals of quality education, gender equality, decent work, economic growth, and reduced inequalities.
“We are thrilled with the transformative results we are seeing from our EYE bond program,” said Gustavo de Rosa, the IDB’s Vice-President of Finance.
“EYE bonds provide more than a solid financial return. They provide a social return by investing in the human capital of Latin America and the Caribbean.”
According to data released here providing several examples of projects supported by EYE Bonds, Jamaica has benefitted through the skills development for global services project.
The IDB said that projects are evaluated and reviewed by its operational staff, with assessments and monitoring of environmental and social impacts throughout the project cycle.
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