‘Rhino bond’ charges onto markets

A good cause: The World Bank will issue a US$150mil (RM634mil) bond on March 31 in a pilot project to increase the population of the South African black rhinos. — Reuters

Washington: Critically endangered black rhinos in South Africa will get help from an unusual source: Wall Street, where institutional investors have expressed a willingness to buy a new type of bond being issued by the World Bank that will pay for successful efforts to save the animals.

In this pilot project that will be judged on whether the population of horned animals in two parks in the country increases, the Washington-based development lender will issue a US$150mil (RM634mil) bond on March 31.