Goldman Sachs has teamed up with New York City to create the first significant “social impact bond” in the US, providing a test case for the experimental financing aimed at helping cash-strapped local governments fund public projects.
The investment bank will lend $9.6m for a programme designed to reduce the number of young men in New York who reoffend and end up back in jail. Goldman’s ultimate return will be linked to the success of the -programme.
The deals, also known as “pay for success bonds”, have been touted by proponents as an innovative way to finance -public projects, allowing local governments to team up with private investors while potentially saving money.
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