The backers of the bond see considerable scope for growth. In just one of the sites there were more than 5,000 black rhinos several decades ago, Withers said. Recipients of the funds will be able to use the money how they choose, provided it’s for conservation.
“What we are really doing is buying into a management team on the ground that can deliver,” Withers said. Those “providing the grants, are not aware of the realities” on the ground, he said.
The project’s funders include the Global Environment Facility and the U.K. government. It is also receiving assistance from Credit Suisse Group AG and DLA Piper LLP. The plans for the Rhino bond were first reported by the Financial Times.
“The first goal is to get this one right,” Jeffries said. “If all goes well this will open up the market place.”