Istanbul Development Agency (IDA) is taking a groundbreaking step to upskill and employ 550 young people in software development with a unique $1.25 million Social Impact Bond initiative.

This innovative project targets unemployed youth aged 18-35 by providing them with free, comprehensive software training. Upon successful completion, graduates will be equipped with in-demand skills and paired with job opportunities in the thriving software sector.

What sets this project apart is its performance-based approach. IDA partners with impact investors who provide the initial funding. They'll receive returns only if the project achieves its ambitious goals, adding a layer of accountability and ensuring success.

Erkam Tüzgen, IDA Secretary General, emphasizes the project's dual purpose: "Not only will we empower 550 young people with future-proof skills, but we will also bridge the talent gap in the software industry, benefiting both individuals and companies."

Beyond its immediate impact, this project serves as a pilot for the broader adoption of Social Impact Bonds in Turkey, paving the way for future initiatives across diverse sectors and regions.