IFE-2-Leave No One Behind: Research Papers
2026
Education Impact Bonds: Picking Low-Hanging Fruit or Reaching for the Stars?
Impact bonds, a mechanism with the potential to improve and generate more financing towards educational outcomes, have gained traction over the past 15 years; however, empirical evidence regarding their use remains limited. This paper intends to contribute to this knowledge gap by examining the intended impact of education impact bonds (EIBs), which tie the achievement of predetermined targeted results to outcome payments. The analysis addresses critiques that navigating the diverse motivations of different stakeholders may result in concentrating on low-hanging fruit (setting easy-to-achieve targeted results), increasing the risk of perverse incentives and simplifying complex educational challenges.
2025
Who Gets in and Who’s Left Out? Determinants of Selection in a Social Lending Scheme for Higher Education in Kenya
In Sub-Saharan Africa and other low- and middle-income countries, obstacles to securing education financing often hinder students from accessing post-secondary education (Wanti, Wesselink, & Biemans, 2022). In Kenya, where financial barriers often impede students from pursuing higher education (Oketch, 2022), innovative financing initiatives from private sector actors, such as the Lending for Education in Africa Partnership (LEAP), have emerged as a complementary solution to government financing schemes. This paper sheds light on the factors influencing student selection for LEAP financing, ultimately aiming to contribute to the enhancement of equitable access to financial aid for tertiary education.