The COVID-19 pandemic has re-emphasized the need to develop innovative solutions to unprecedented problems in health, education, and other sectors. The learning crisis in education is reaching catastrophic levels, the consequences of which are disproportionately felt in populations that are already marginalized. School closures, together with fiscal shortages, preexisting structural deficiencies, and lack of equitable access to alternative forms of learning have contributed to this dire situation, which is mirrored in indicators of learning levels. As the world is emerging from the uncertain times of the pandemic, the education community has a unique opportunity to explore innovative and alternative ways to avert the continuation of the global learning crisis. Considering fiscal constraints and reduced funding for education, it is imperative to harness lessons from initiatives that work. A culture where the incentives and interests of each actor involved in the process are aligned is crucial to effectively using limited resources and maximizing the welfare of the targeted populations. Impact bonds, which are the focus of this report, present one such alternative. An impact bond is a form of results-based financing in which one or more investors, often impact investors, provide risk capital to deliver social services, and are paid their principal plus some return for actual outcomes achieved. In theory, this arrangement tackles the moral hazard problem common in development finance and ensures that everybody is working to achieve agreed-upon results. [Support for this report was provided by the British Asian Trust (United Kingdom).]