The Refugee Impact Bond is made possible through its partners

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Impact Bonds bring together an array of different parties, whose goals are aligned on an issue. The Impact Bond process allows each partner to leverage what they do best, whether it is risk taking, funding, implementing or structuring the solution.

The Refugee Impact Bond is the first DIB to specifically target refugees. It is also the first DIB whose design wasn’t commissioned by an Outcome Funder, Social Investor or Delivery Partner.

Ikea foundation

Outcome Funder

The IKEA Foundation is an independent philanthropy focused on creating brighter lives on a liveable planet through its grant giving efforts. We are funded by INGKA Foundation, owner of Ingka Group.

As part of our commitment to helping families afford a better everyday life, we want to empower refugees to find pathways towards economic self-reliance. We work with partners who help refugees and their host communities in East Africa and the Middle East to achieve sustainable livelihoods. Our partners work in both urban and rural settings, in the context of a changing climate, COVID-19 and other challenges. Our mission is to generate and share evidence of what works so governments, humanitarian organisations and businesses can scale up the most effective programmes.

We are supporting the DIB because we believe it is an innovative way to attract more funding to programmes that enable refugees to become self-reliant and integrate into their host communities.

The Novo Nordisk Foundation

outcome fUNDER

The Novo Nordisk Foundation is an independent Danish foundation with corporate interests. It has two objectives: 1) to provide a stable basis for the commercial and research activities of the companies in the Novo Group; and 2) to support scientific, humanitarian and social causes.

The vision of the Foundation is to contribute significantly to research and development that improves the lives of people and the sustainability of society. Since 2010, the Foundation has donated more than DKK 30 billion (€4 billion), primarily for research at public institutions and hospitals in Denmark and the other Nordic countries.



Norad is the Norwegian Agency for Development Cooperation. We do the quality-assurance of Norwegian Development Cooperation.

The Agency is a directorate under the Norwegian Ministry of Foreign Affairs. In matters regarding Norway’s International Climate and Forest Initiative (NICFI), Norad reports to the Norwegian Ministry of Climate and Environment.Norad’s functions are laid down in the agency’s terms of references and annual letters of allocation issued by the Ministry of Foreign Affairs and the Ministry of Climate and Environment.

Our main purpose is to ensure that Norwegian development aid funds are spent in the best possible way, and to report on what works and what does not work.

U.S. International Development Finance Corporation

Social investor

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

Through the DIB, DFC will reach refugee populations that are significantly underserved by traditional lenders, and the partnership will advance DFC’s work to support inclusive growth by investing in marginalized communities.


Social investor

Ferd is a family-owned investment company owned by the fifth and sixth generations of the Andresen family. Our wide-ranging activities encompass active ownership and corporate development at private and listed companies, investment in financial assets, real estate development, investment via external managers, impact investing and social entrepreneurship.

near east foundation UK

implementing partner

The Near East Foundation (NEF) has supported livelihoods recovery and social and economic development programs in the Middle East, Africa, and Caucasus since 1915. Drawing on local teams, experience, and partnerships in these regions, NEF creates community led solutions to meaningfully improve the lives of people affected by conflict and crises, with an eye toward building resilience. We maintain neutrality and ensure inclusivity in our approach, prioritizing the empowerment of vulnerable and marginalized groups. 

The program will be implemented by NEF UK, an entity of the Near East Foundation. Through the DIB, NEF UK will expand and strengthen its tested livelihoods programs and local partnerships in Jordan and Lebanon. Without come-driven, multi-year funding from a collective of impact-driven funding partners, we will deliver meaningful impact, at scale, for thousands of refugees and their host communities while developing robust learning for effective livelihoods recovery and resilience programs amid protracted crises.


dIB Coordinator

KOIS is a leading international impact investment and innovative finance advisory firm and a pioneer in providing end-to-end support in these fields, from concept to launch. We offer advisory services to design, structure and place a diverse range of innovative impact financing instruments, as well as to help organizations shape strategies to enhance their societal impact. We also support the deployment of return-seeking capital in social enterprises and impact investment funds with the objective of having a meaningful and positive impact on society and the environment. KOIS is recognized for its expertise in the field of impact bonds and innovative finance since it launched the first Social Impact Bond in Belgium (the second in Continental Europe) in 2014. The Refugee Impact Bond arose out of our team’s will to contribute to the resolution of the Syrian refugee crisis. It was brought to fruition thanks to the steady support of Convergence and IKEA Foundation towards this purpose.

The Refugee Impact Bond started with the support and trust of Convergence.

Convergence is the global network for blended finance. On top of market acceleration through its Design Funding programme, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries.

Convergence awarded KOIS design stage grant funding through its Global Emerging Markets Design Funding Window, funded by the Canadian Government, to conduct a feasibility study and subsequently structure, fundraise and launch the Refugee Impact Bond. The Refugee Impact Bond would not have been possible without the early-stage support of Convergence and mid-stage support of Convergence and IKEA Foundation.

There is  more work to be done. We need more partners to launch a second DIB tranche for Lebanon.

The existing DIB framework and programme design are ready to be leveraged for Lebanon, as additional outcome and investor commitments are found.

+ 3,000



refugees and host community members

Urban areas

Become a DIB partner

“We’re supporting the development impact bond as an outcome funder because we can see its huge potential to attract new social investors to support refugee livelihoods programmes. We believe this innovative finance model can secure long-term funding to help refugees find pathways towards self-reliance and boost the economies of their host countries. By paying for success, we can attract more funding to improve refugee livelihoods and encourage programmes that have the biggest impact.” 

Per Heggenes
CEO, IKEA Foundation

“The humanitarian and development sectors are heavily underfinanced globally. There is a great need for additional, more efficient and more dependable financing. By supporting this project, we want to contribute to attracting new types of investors and financial competencies to the sectors. This will challenge habitual thinking, enhance innovation and ultimately contribute to developing stronger projects.” 

Mette Davidsen
interim head of department, social & humanitarian, Novo Nordisk Foundation

“The Refugee Impact Bond is a great example of how a new innovative approach involves private sector in financing development activities. This mechanism will mobilize resources to an underfunded context, and will create livelihood opportunities and jobs in communities often overlooked. These activities, specifically focusing on women and youth, are critical in order to bring stability, equality and prosperity to an already fragile region. The Norwegian Agency for Development Cooperation is excited to be participating as a donor in the world’s first impact bond focusing on refugees.” 

Bård Vegar Solhjell
Director General, Norad

“Refugees, especially women and youth, face extraordinary challenges accessing economic opportunity, but investments in displaced populations and their host communities can yield transformative results in those societies. Through DFC’s support for the Refugees DIB, NEF will mobilise private sector investment to help support economic inclusion and resilience for vulnerable refugee populations in Jordan and Lebanon.” 

Algene Sajery
Vice President of External Affairs and Head of Global Gender Equity Initiatives, DFC

“Ferd is elated to take part in this venture. We have a vision to create enduring values and leave clear footprints. One of the ways we try to do this is to take initiatives or support pioneering methods that aim for increased inclusion. We focus on those initiatives which give people new possibilities to realize their potential, especially if they can change the system. We like to work with partners who share our values and we are happy to encourage governments to search for more effect from their funding. This DIB encompasses all this and is hopefully the start of a series of similar initiatives.” 

Johan H. Andresen
Owner and Chair of the Board, FERD

“Through its outcome-driven approach, multi-year funding, and independently evaluated outcomes, the DIB fills a critical gap in livelihoods programming – especially in crisis contexts. We’re very excited to build onto our long commitment in Jordan and Lebanon in collaboration with a unique group of like-minded partners. Together we will leverage new perspectives and resources to strengthen and scale programmes that mitigate the dangerous impacts of protracted displacement on refugees and their host communities, while ensuring a focus on long-term resilience and self-sufficiency.” 

Charlie Benjamin
president and CEO, NEF

“We are extremely happy and proud to have reached this significant milestone. We hope the leverage of the existing DIB framework and of uncalled investor commitments will enable the launch of a second tranche in the near future to fund NEF’s programme in Lebanon. Beyond that, our dream is to grow the Refugee Impact Bond from the ground up by drawing on our research, evaluation and design work to enable faster deployment of funds to other refugee livelihood programmes in other countries.” 

Beatrice Delperdange
project lead, KOIS

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