World Bank launches the 1st Wildlife Conservation Bond (WCB) to protect endangered Black Rhino species in South Africa. The WCB is the world’s first outcome-based financial instrument directing investments to achieve conservation goals. The Rhino Bond consists of a potential performance payment from the Global Environment Facility (GEF) that will contribute to protecting and increasing black rhino populations in the two protected areas.
The Rhino Bond is a 5-year $150 million Sustainable Development Bond to enable private sector investment. Black rhinos are highly endangered, primarily due to poaching and habitat loss. The WCB focuses on two protected areas in South Africa, namely, the Addo Elephant National Park (AENP) and the Great Fish River Nature Reserve (GFRNR). The conservation bond opens a new approach for financing biodiversity protection at a critically important time.
The fund increases staffing, training, improves national & regional coordination, and investments in equipment, infrastructure, & technology. The Rhino protection cause also helps other species sharing the habitat. This ecosystem contributes to South Africa’s economy through tourism, job creation, and an essential foreign exchange source.
The African Union Development Agency–New Partnership for Africa’s Development is the world’s only continental development agency covering 55 African countries. It is AU’s socio-economic program aiming to promote growth, end poverty, end Africa’s operation, and enhance...