Social Impact Bond(SIB) Local Government Council has been established in South Korea
■ Snapshot: SIB Local Government Council of Korea
| Purpose of the Council | To promote the cooperation and expansion of SIBs among the local governments |
| Secretariat of the Council | Pan-Impact Korea |
| Date of Establishment | 1st of November 2016 |
| Legal Ground for the Council | Local Autonomy Act |
| Qualification for Membership | – Local Governments of Korea – The Ministry of the Interior (MOI) : Special member ※ MOI : the central government supporting local authorities |
■ 「The SIB Local Government Council of Korea」 is the organization seeking to promote and support the safe landing of SIB and its expansion in South Korea. The council is the administrative consulative council defined in the Local Autonomy Act and has been formed in November 2016. 「Pan-Impact Korea」 operates secretariat of the council. The secretariat shares key knowledge and information with member governments to support them to develop best practice for SIBs.
▷ SIB is a mechanism in which private investors invest capital for public projects and government pays back financial return if pre-defined social outcomes are achieved.
■ Goals and objectives
▷ Supply expertise and know-how to member local authorities interested in utilizing SIBs for the better society.
▷ Minimize the trial and error at the initial stage of introducing SIBs and thus spreading the policies effectively all over the country by dispersing SIB knowledge through the council.
▷ Promote cooperation among local authorities and create SIB ecosystem where private stakeholders may actively participate.
▷ Design joint SIB projects for member local governments and resolve social problems efficiently.
■ Services and support offerings
▷ Support and advise on the operation of SIB projects.
▷ Promote cooperation with the central government and national assembly of South Korea.
▷ Help and lead the SIB legislative process both at the local and central authorities’ levels.
▷ Conduct diverse research and undertake in-depth studies to develop SIB projects.
▷ Manage publicity to provide correct information to public.