Capital Architecture

How a nation pays for what its people are owed

Which instrument, from whom, on what terms, in what order.

  • 5Signature instruments
  • 33In the toolkit
  • 225On record
  • 17Nations

Already working

Five nations, five instruments, real results

  • Outcome Bond

    Brazil

    $225M Amazon reforestation, paid in carbon removed

    A nine-year World Bank bond. Principal protected; the return rises with the carbon the replanted forest removes.

  • Development Impact Bond

    India

    160% of the learning target, met in Rajasthan

    The first education impact bond. 768 out-of-school girls enrolled; investors were repaid because the results were.

  • Social Bond

    Ecuador

    $400M for affordable homes for 24,000+ families

    The first sovereign social bond, with a $300M guarantee from the Inter-American Development Bank. Mortgages at 4.99 per cent.

  • Sustainability-Linked Bond

    Chile

    $2B with a coupon tied to the climate

    The first sovereign sustainability-linked bond. Miss 95 MtCO2e by 2030 or 60 per cent clean power by 2032, and Chile pays more.

  • The precedent for Standard Tokens

    Kenya

    KES 3,000 to own a Kenyan government bond, by phone

    M-Akiba, 2017: sovereign finance any citizen can hold. Standard Tokens take the idea further.

AI-generated illustrations; not photographs of the financed projects.

The toolkit

The periodic table of development finance

33 instruments in six families. Select one.

Results & outcomes

Sovereign & resilience bonds

Guarantees & risk-sharing

Blended & concessional

Diaspora & trade

Equity, insurance & platforms

On record

225 instruments, 17 nations, each on its blueprint

Every dot is a real, dated, sourced transaction. Select a nation.

Nation by nation

Which of these could your nation use?

Each blueprint answers instrument by instrument, in sequence, with the terms attached.

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