Premier Brad Wall keen on 'social impact bonds'

Premier Brad Wall has put a Sask. Party MLA in charge of social impact bonds a type of financial instrument that lets investors support social services.

On Wednesday, former social services minister JuneDraudewas named legislative secretary in charge of the bonds.

The government first used a social impact bond last year to raise $1 million to letEgadzopen asupported living home in Saskatoon for at-risk single moms and their children.

Under the social impact bond system,the government sets a social outcome for a project, gets investors to provide the money, and pays them back a pre-determined sum if the outcome is met.

In the case of theEgadzcentre, the investors included a credit union and a home-building company.

Wall says the Saskatoon project seems to be working well, sothe government is interested in seeing what other projects could be financed this way.

Draude, the member forKelvington-Wadena, isn't being paid extra for her duties as legislativesecretary, the government said.