Regina’s Mother Teresa Middle School has received one-million dollars in the form of a Social Impact Bond.
The funding is provided by The Mosaic Company Foundation, which partnered with the school and the government of Saskatchewan to implement the program.
Repayment to Mosaic is based on 82-percent Grade 12 graduation-rate for the school’s students.
Education Minister Don Morgan says the ministry will be checking in with the school to make sure its on track for success.
This is the second Social Impact Bond to be used in Saskatchewan, and in Canada.
The money will be used to provide support to about 88 students.