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The Education Outcomes Fund (EOF) is an innovative financing initiative that aims to transform educational attainment globally, with an initial focus on Africa and the Middle East. Launched in 2020 as a USD 1 billion fund, EOF became an independent trust fund hosted by UNICEF, significantly expanding its reach and potential impact. The EOF pools funds from aid donors, foundations, CSR entities, and private philanthropists to pay for educational outcomes through Development Impact Bonds (DIBs) and other results-based financing mechanisms. The initiative seeks to rapidly scale up proven and innovative services from non-state actors to strengthen education systems and improve quality of provision in participating countries. EOF aligns incentives around outcomes, fosters innovation in service delivery, and brings in new sources of private capital. As of 2022, EOF launched its first two projects in Ghana and Sierra Leone, with plans to expand to other countries. The fund aims to pool at least USD 1 billion by 2030 to transform the lives of over 10 million children and youth. While the initiative shows promise in bringing guaranteed results and new capital to education, critics have raised concerns about its relatively small size compared to national education spending, potential systemic risks, and the limited evidence base for its effectiveness.