Social Return on Investment of public sector university buildings in low-income countries: a case study in Afghanistan

Investments in public higher education infrastructure in low-income countries have declined, driven by concerns regarding financial returns and a failure to properly consider social outcomes in project appraisals. This study presents a practical assessment of the Social Return on Investment (SROI) of public-sector academic buildings in low-income countries, addressing a gap in previous research examining the impact of such investments. Specifically, an SROI methodology was applied to analyse three public university buildings in Afghanistan. Based on primary data gathered from 49 stakeholders via in-person interviews, the study monetised the main elements of the SROI formation process, using a change model analysed across six stages, including one sensitivity scenario. The findings indicate that Building II, with an SROI of 1.13, is the most resilient investment, whereas Building I is not viable, and Building III is highly volatile. The analysis suggests that maximising the value of public academic infrastructure in low-income countries requires flexible, demand-driven usage, operational stability, and the capacity for service maintenance under varying conditions. Furthermore, the findings demonstrate that such investments can generate measurable social and academic value that justifies continued funding. Finally, this study, despite specific limitations requiring future research, offers theoretical, methodological, and practical contributions to reframing public higher education infrastructure as a value-generating asset rather than a cost centre.