The World Bank said it has priced the world’s first wildlife bond, raising $150 million (R2.2 billion) that will be partly used for the conservation of black rhinos in South Africa.
The five-year bond will pay returns determined by the rate of growth in populations of the animals in two South African reserves, the Addo Elephant National Park and the Great Fish River Nature Reserve, the World Bank’s International Bank for Reconstruction and Development said in a “The Wildlife Conservation Bond is a first-of-its-kind, outcome-based, financial instrument that channels investments to achieve conservation outcomes - measured in this case by an increase in black rhino...
There are five rhino species globally, with most of the animals in South Africa and almost all them white rhino. Black rhino numbers have dropped to about 2 600 from 65 000 in 1970, and may once have been as high as 850 000, according to documentation from the World Bank. The animals are found in three other African countries, and can weigh as much as 1.4 tons - much smaller than the white rhino.
The bond was sold at 94.8% of its “nominal aggregate amount” and will pay out a maximum success payment of $13.8 million , the World Bank said. has been tasked with determining the success of the program and its payments. The verification agent is the Zoological Society of London.
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