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General overview

Stage of development: Implementation

Policy sector: Agriculture and environment

Date outcomes contract signed: Mar 2022

Anticipated completion date: Mar 2027

Capital raised (minimum): USD 150m

Max potential outcome payment: USD 163.76m


The World Bank will make payments through the Global Agent to the Park Managers in instalments to fund rhino conservation in the form of Conservation Investment Payments totaling ZAR 152 million. These Conservation Investment Payments will be utilized by the Park Managers to implement conservation and adaptive management activities that seek to maximize net rhino growth rates over five years.



  • South Africa

Service delivery locations

  • Addo Elephant National Park, South Africa
  • Great Fish River Nature Reserve, South Africa

Involved organisations

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Outcome metrics

  • The World Bank will pay a Conservation Success Payment to Noteholders at maturity, which will be determined based on the rhino population growth rate in the Addo Elephant National Park and Great Fish River Nature Reserve over the term of the bonds. If final rhino population growth rate is ≤ 0%, there is no conservation success payment for investors.
  • If final rhino population growth rate is 0% < X ≤ 2%, investors will receive USD 36.69 for every USD 1000 that they invested in the project.
  • If final rhino population growth rate is 2% < X ≤ 4%, investors will receive USD 73.38 for every USD 1000 that they invested in the project.
  • If final rhino population growth rate is > 4%, investors will receive USD 91.73 for every USD 1000 that they invested in the project.The maximum Conservation Success Payment is US$13.76 million.

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