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With European Investment Bank

Social Impact Bond Design

Lombardy, Italy

2021 - present

Social Impact Bond

Lombardy, Italy

Social Impact Bond

2021 - present

Social Outcomes Contract (SOC)

Social Impact Bond (SIB)

Impact Investing

Social Finance

Social Innovation

Sustainable Finance

Fostering the work inclusion of prisoners in Italy

We are helping the Ministry of Justice (MoJ) to disrupt the cycle where prisoners commit further crimes if they cannot find a job after their sentence.

This innovative scheme, created alongside Ernst & Young, will incentivise investors to supply upfront capital for financial rewards on a 'pay-by-results' basis if agreed social outcomes are achieved. The model, also known as a social outcomes contract (SOC), is inspired by Programma 2021, a pilot project launched by the italian MoJ with Lendlease.

Our role is to design a model that brings investors to the table and an operating structure to verify the results in a legally secure manner. This model is set to be a ready-to-roll blueprint for other sectors.

Project goals


reoffending rate and social costs


employment for prisoners and former prisoners


impact investment opportunities


impact and generate return on investment

We are proud of...

Designing a model that works for everyone

The purpose of a Social Impact Bond (SIB) is to share the risks of this type of experimental intervention between the public and private sectors. We are creating an SIB in Italy that will benefit all of the various stakeholders involved.

Filling the skills gap

Two thirds of convicts in Italy reoffend, mostly due to a lack of viable employment. We will bridge this gap by creating a model that engages the private sector to help develop the life structure and vocational skills needed to find a secure job.

“This innovative project is designed to generate social value for the entire community by creating genuine job opportunities for prisoners.”

MJ Ullmer, Global Chairman, Lendlease

Developing the operational structure

We are defining the legal parameters and metrics needed to measure the impact of the new SIB. These will prove that the scheme is feasible and also that it is ready to be launched within the context of the Italian criminal justice system.

Group 89 (2)
Group 89 (3)

Building a model that’s ready to scale

The goal is to identify the appropriate service providers and investors to supply upfront capital. We are actively reimagining the social-outcome contract negotiation process to ensure that this model can readily translate into other sectors.

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