Glossary
This glossary has been developed to establish a shared conceptual foundation for all stakeholders operating in the fields of impact investing and the impact economy.
Impact investing, impact measurement and management, outcomes-based financing, and related concepts—which are increasingly used across finance, public policy, entrepreneurship, and social impact—are explained with reference to international frameworks while taking the Turkish context into account.
The aim is to create a consistent terminology across disciplines, reduce conceptual ambiguity encountered in practice, and support the wider adoption of impact-oriented approaches.
EYDK Dictionary
There are currently 10 names in this directory beginning with the letter B.
B
Baseline
The initial set of data collected before a project, programme or intervention begins, representing the existing situation and serving as a reference point. A baseline enables comparison, supports performance assessment and helps determine the extent to which observed changes are attributable to the intervention.
Benchmark
A reference value, standard, or metric used to compare and assess the performance, outcomes, or targets of an entity, investment, or activity. A benchmark enables the evaluation of relative performance, progress, or adequacy against a defined point of comparison.
Beneficiaries
Beneficiaries are the individuals, communities or organizations that directly or indirectly benefit from a program, policy, investment or intervention. Identifying beneficiaries and understanding how they are affected is essential in impact management.
Beneficiary Feedback
A process through which individuals or communities who benefit from a program, project, or service share their experiences, satisfaction levels, needs, and suggestions. Beneficiary feedback is used to assess the effectiveness of activities, understand whether programs respond to real needs, and improve program design and implementation. Within impact measurement and management practices, it incorporates the perspectives of beneficiaries into decision-making and learning processes, strengthening accountability and impact transparency.
Blended Finance
Blended Finance refers to a financing approach that strategically combines public resources, development finance and philanthropic capital with private sector investment in projects that generate measurable social, environmental and development impact. Its primary objective is to reduce risk, improve return profiles and mobilise additional private capital. Within this framework, public or catalytic capital is deployed through instruments such as guarantees, first-loss capital, concessional financing or technical assistance in order to enhance the financial viability, scalability and attractiveness of investments for private investors.
Blue Economy
The Blue Economy refers to an approach that seeks to generate economic growth, employment and social well-being while preserving marine biodiversity and the health of ocean and aquatic ecosystems through the sustainable use of marine and water resources. It encompasses areas such as marine biodiversity conservation and restoration, sustainable fisheries and aquaculture, climate resilience, ocean-based renewable energy, blue tourism, pollution reduction and blue finance. The blue economy is grounded in the principle that long-term economic value depends on maintaining healthy and resilient marine ecosystems.
Bond
A bond is a debt instrument issued by public authorities, corporations or other entities to raise capital from investors, typically involving periodic interest payments and the repayment of principal at maturity. Despite the use of the term “bond” in their name, impact bonds are not bonds in the conventional financial sense. Impact bonds are not fixed-income securities; instead, payments to investors are contingent on the achievement of pre-agreed outcomes.
Bounded Flexibility
Bounded flexibility is an approach used in standard-setting processes to manage the tension between variability and the need for decision-making. It aims to provide sufficient flexibility to adapt to different contexts and needs, while maintaining an appropriate level of standardization that enables informed and comparable decisions to be made. Through bounded flexibility, multiple options may be offered to stakeholders; however, because these options are defined within shared principles and frameworks, consistency, comparability and accountability are maintained.
Business Model
The Business Case is an analytical framework prepared to justify the implementation of a project or programme, assessing the benefits, costs, and risks of different options. It demonstrates why the selected solution is the most appropriate option. In the context of impact bonds, the business case also includes an Impact Case. This component sets out how the intended social and/or environmental impact is planned to be achieved, through which mechanisms, and under which assumptions.