News Releases

News Release - Manitoba

October 17, 2017

Manitoba Selects Consultant to Implement Social Impact Bond Strategy



The Manitoba government is partnering with Canada’s cutting-edge Social Impact Bond (SIB) proponent to guide the implementation of a made-in-Manitoba strategy, Families Minister Scott Fielding announced today.

“MaRS has been the driving force in developing the SIB concept in Canada,” said Fielding.  “It is a national and international leader in this field.  Working with them to develop new community-led  programs, access new sources of capital to enhance current funding and deliver services for Manitobans in need is very exciting.  By collaborating with private and not-for-profit stakeholders, we’ll identify new opportunities to address complex issues and challenges.”

MaRS Centre for Impact Investing, a non-profit initiative of MaRS Discovery District, was selected following a competitive request for proposals.  The Toronto-based company is a registered charity that has worked to unlock more than $100 million in private capital to tackle persistent social problems across Canada.  The company partners with investors, governments, ventures and service providers to fund projects that generate both social and financial returns.  MaRS Centre is Canada’s representative on the Global Steering Group for Social Impact Investing, a successor of the Social Impact Investment Taskforce established by the G8.

The minister noted the company has established relationships with Manitoba-based stakeholders and was chosen for its relevant experience and capacity to deliver a Manitoba-focused SIB.

“MaRS Centre for Impact Investing has developed several SIB programs targeting health care, housing and international development,” said Adam Jagelewski, director, MaRS Centre.  “The SIB approach will create powerful incentives by linking payment to a successful outcome, and we welcome the opportunity to collaborate with community organizations to explore new funding models that will drive social progress across the province."

The company will help implement the SIB strategy by early 2018 by providing expertise and mediation between the government, social service providers and investors, the minister noted.  The consultant will provide support to interested community organizations, recommend an innovative proposal for a landmark SIB, develop a contract with outcome targets and evaluation criteria, create a framework for future proposals and help build government capacity to manage projects.

The minister noted SIBs encourage the private and non-for-profit sectors to partner with government and front-line service organizations to deliver innovative prevention programs with predetermined outcomes for vulnerable Manitobans.  The approach secures private investment and repays investors based on measurable results, he added.

The province released its request for proposals on SIBs in July 2017: https://news.gov.mb.ca/news/?item=41733&posted=2017-07-04.

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