New Zealand has overcome obstacles to launch its first social impact bond.
The $1.5 million bond is looking to get 1,700 Kiwis with mental health conditions into paid jobs.
Bureaucracy and delays nearly killed the effort last year, but a new service provider, APM Workcare, has taken over the program.
Success will be measured by the number of workers placed and how long they stay employed.
Four investors backed the bond, including a philanthropist, a pharmaceutical company and an investment banking firm, as well as APM, Pioneers Post reports.
New Zealand has earmarked $29 million to experiment with social bonds. Another social impact bond aimed at criminal recidivism is in the works.
Photo credit: ECMC Hospital