Project
| ID | INDIGO-POJ-0075 |
|---|---|
| Impact Bond Name - (Value) | Haebom Project - Gyeonggi Province SIB |
| Alternative Names - (Value) | Gyeonggi Province SIB |
| Stage of Development - (Value) | Complete |
| Social Investment Prototype - (Value) | NO |
| Dates - Date outcomes contract signed - (Value) | 2017-03 |
| Dates - (Source ID's) | source1 |
| Overall project finance - Total investment commitment - Currency - (Value) | South Korean Won |
| Overall project finance - Total investment commitment - Amount - Exact - (Value) | 1550000000 |
| Overall project finance - Total investment commitment - Amount USD - Exact - (Value) | 1359112.630978999 |
| Overall project finance - (Source ID's) | source3 |
| Purpose and classifications - Intervention - (Value) | To support people to find and sustain jobs than can improve their income level and quality of life, and reduce social welfare dependency. |
| Purpose and classifications - Policy sector - (Value) | Employment and training |
| Purpose and classifications - (Source ID's) | source1 |
| Service and beneficiaries - Target population - (Value) | Low-income people who receive national basic livelihood pay, mainly because they find it difficult to work due to their home environment, illness, disability and/or old age. The 800 Aid Recipients living in Gyeonggi-do, classified as Public Aid Recipients, are those who are willing to stand on their own feet but are not supported by the service. |
| Service and beneficiaries - Actual number of unique service users or beneficiaries engaged (total) - (Value) | 800 |
| Service and beneficiaries - (Source ID's) | source3 |
| Notes - (Value) | Pan-Impact Korea, a pioneer in designing SIBs for the nation, designed operation strategy and outcome metrics of Gyeonggi Province’s first SIB. |
| Delivery Locations 1: Location - Name - (Value) | Gyeonggi Province (South Korea) |
| Delivery Locations 1: Location - Country - (Value) | KR |
| Delivery Locations 1: Lat/Lng - Lat - (Value) | 37.7755438 |
| Delivery Locations 1: Lat/Lng - Lng - (Value) | 127.247619 |
| Sources 1: Id | source1 |
| Sources 1: Name - (Value) | Social Finance website (accessed: 26.07.2019) https://sibdatabase.socialfinance.org.uk |
| Sources 2: Id | source2 |
| Sources 2: Name - (Value) | AVPN website (accessed: 26.07.2019) https://avpn.asia/organisation/pan-impact-korea/ |
| Sources 3: Id | source3 |
| Sources 3: Name - (Value) | Email correspondence with Jihun Lee from Korea Social Innovation Finance Co. on 12/11/2020. |
| Sources 4: Id | source4 |
| Sources 4: Name - (Value) | Korea Social Innovation Finance |
| Sources 4: Type - (Value) | Website |
| Sources 4: URL - (Value) | http://kosif.kr/page/?pid=business_1 |
| Service Provisions 1: Organisation ID - (Value) | INDIGO-ORG-1178 |
| Service Provisions 1: Organisation Role Category - (Value) | Other |
| Service Provisions 1: Intervention - (Value) | The project identifies the motivation, working conditions and needs of public aid recipients through initial consultation. Based on this, individual Information Strategy Planning (ISP) plans are established. The organisation helps with job search activities by providing training to those who are eligible for the project. If a service user succeeds in finding a job, the organisation mantains job support through continuous follow-up. If the service user succeeds with the Welcome Exit for more than a year, he/she is considered a successful candidate. |
| Outcome Payment Commitments 1: Organisation ID - (Value) | INDIGO-ORG-1177 |
| Outcome Payment Commitments 1: Organisation Role Category - (Value) | Government/Public Sector/Public Bank |
| Outcome Payment Commitments 1: Maximum potential Outcome payment - Currency - (Value) | South Korean Won |
| Outcome Payment Commitments 1: Maximum potential Outcome payment - Amount - (Value) | 1770000000 |
| Investments 1: Organisation ID - (Value) | INDIGO-ORG-1175 |
| Investments 1: Organisation Role Category - (Value) | Foundation/Philanthropist |
| Investments 1: Notes | Apart from these investors, the Haebom project is the world's first SIB business to link crowdfunding. More than 60 small investors were part of the crowdfunding effort. |
| Investments 2: Organisation ID - (Value) | INDIGO-ORG-1176 |
| Investments 2: Organisation Role Category - (Value) | Foundation/Philanthropist |
| Intermediary services 1: Organisation ID - (Value) | INDIGO-ORG-1179 |
| Intermediary services 1: Organisation Role Category - (Value) | Financial and commercial modeling |
| Intermediary services 2: Organisation ID - (Value) | INDIGO-ORG-1180 |
| Intermediary services 2: Organisation Role Category - (Value) | Other |
| Intermediary services 2: Other Role Description - (Value) | Evaluator |
| Intermediary services 3: Organisation ID - (Value) | INDIGO-ORG-0403 |
| Intermediary services 3: Organisation Role Category - (Value) | Impact bond design |
| Outcome Metrics 1: Id | outcomemetric1 |
| Outcome Metrics 1: Outcome Definition - (Value) | 12% of eligible recipients will receive principal repayment if they succeed in the Welcome Exit. |
| Outcome Metrics 1: Primary SDG goal - (Value) | 8 |
| Outcome Metrics 2: Id | outcomemetric2 |
| Outcome Metrics 2: Outcome Definition - (Value) | From 13%, they pay the principal and the performance bonus step by step. |
| Outcome Metrics 2: Primary SDG goal - (Value) | 8 |
| Outcome Metrics 3: Id | outcomemetric3 |
| Outcome Metrics 3: Outcome Definition - (Value) | 20% of eligible recipients will receive principal and 4.3% performance bonus if they succeed in the Welfair Exit. |
| Outcome Metrics 3: Primary SDG goal - (Value) | 8 |
| Results 1: Outcome Metric Id - (Value) | outcomemetric1 |
| Results 1: Result level - (Value) | Project level |
| Results 1: Result type - (Value) | Final |
| Results 1: Outcomes achieved - (Value) | According to the evaluation results of the evaluation agency, 160 people, 20% of the subjects, were originally set to succeed in the Welfair Exit, but as a result of the evaluation, 178 people, or 22.3% of the subjects, succeeded in the Welfair Exit and the social benefits of the project amounted to about 10 billion won. |