Anchored by support from the Ikea Foundation, Kois is designing the first development impact bond to improve refugee livelihoods in Jordan and Lebanon. Designed to improve efficiency and accountability, Kois is structuring a bond to finance 2 organizations working to improve education and employment outcomes for Syrian refugees. If certain targets are achieved, such as job placements, governments and foundations will provide investors with a return. Kois, based in Brussels, previously structured a 27.3 million bond with ICRC to provide services for people with disabilities in conflict zones.

Investment thesis

Kois’ impact bond provides an opportunity for financial returns based on the achievement of agreed upon impact deliverables. With successful implementation, investors will be returned their initial capital along with a return from identified outcome funders.

Potential refugee impact

Today, Syrian refugees account for for a significant percentage of the world’s refugees and internally displaced people. Three neighboring countries, Lebanon, Jordan, and Turkey have faced severe challenges successfully integrating refugees into their communities and their economies. The Kois development impact bond is designed to improve educational and employment outcomes for refugees in the targeted geographies. As pioneers in impact bonds, Kois, Convergence Blended Finance, and the Ikea Foundation have the opportunity to shape the future of similar investments.


Kois, based in Brussels, was awarded a grant by Convergence Blended Finance to design an impact bond to support organizations providing employment and entrepreneurship services to Syrian refugees in Jordan and Lebanon. Kois is currently raising $20 million dollars for this impact bond, to be distributed to 2 organizations to provide skills training and entrepreneurship support for Syrian refugees and vulnerable populations in the targeted geographies over 3 years. If the organizations achieve predetermined results, investors will be repaid their initial capital plus a return from outcome funders like foundations and aid agencies.