Japanese government turns to private sector to help deal with social impact

A growing number of local governments in Japan are turning to a program called social impact bond, in which administrative services are outsourced to the private sector and payments are made according to performance.

The SIB system, while limiting fiscal spending, allows administrative bodies to improve the effectiveness of their services by encouraging companies to come up with creative ideas.

Companies that work under the program and financial institutions that provide funds can earn a profit and make contributions to solving social problems at the same time.

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