Overview
International law firm McDermott Will & Emery advised the British Asian Trust in relation to the design and structuring of the first of its kind impact bond for improving the skills of young Indians and addressing the youth employment crisis, specifically that for young women.
Sharing the vision of an “employment ready” young India, British Asian Trust, together with National Skill Development Corporation and other leading partners in the sector have launched a skills impact bond, which aims to invest $14.4 million to support ~50,000 of India’s youth, especially women and girls, with skills that translate into sustainable employment. This initiative aims to equip youth with skills and vocational training and provide access to wage-employment in Covid-19 recovery sectors including retail, apparel, healthcare, and logistics.
To learn more about this landmark project please click here.
Lead partner Ranajoy Basu said:
“We are thrilled to have worked with The British Asian Trust and the transaction partners on this momentous impact bond. This is a groundbreaking transaction targeting a positive impact with a gender lense focus. The need for the Skill Impact Bond is even more imperative now as millions have lost their jobs during the Covid-19 pandemic. The transaction seeks to catalyse entrepreneurial skills though an impact bond structure, which can be applied not just in India but across a number of jurisdictions around the world.”
McDermott’s team included partner Ranajoy Basu, counsel Priya Taneja and senior associate Marta Wrobel.
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