Institutional investors back $120m World Bank Spekboom Restoration Bond

 A consortium of institutional investors has backed the World Bank's $120m Spekboom Restoration Outcome Bond, which will fund large-scale ecosystem restoration and job creation in South Africa's Eastern Cape province.

Backers include Nuveen, AllianceBernstein, BNP Paribas Cardif, Impax Asset Management, L&G, Mackenzie Investments, MetLife Investment Management, Morgan Stanley Investment Management and Skandia Investment Management, who commited to the World Bank's $120m Spekboom Restoration Outcome Bond, which will fund large-scale ecosystem restoration and job creation in South Africa's Eastern Cape province.

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Priced on April 23, 2026, the 14-year bond represents the World Bank's longest-dated outcome bond and mobilises $25m of private capital to support a 50,000 hectare scale-up of the Spekboom restoration project, which aims to create 11,000 local jobs while restoring degraded landscapes.

We are delighted to partner again with the World Bank and bnp paribas to support this large-scale ecosystem project in South Africa," said Tony Trzcinka, senior portfolio manager at Impax Asset Management. "While offering investors an attractive yield coupon, it will help deliver carbon sequestration, ecosystem recovery and biodiversity conservation."

For BNP Paribas  Cardif, this marks the first participation in an outcome bond. "We are proud to participate in the Spekboom Restoration Outcome Bond as it supports nature-based solutions that generate environmental positive impact and create benefits for local communities," said Matthieu Bonte, global chief CIO at BNP Paribas. 

"We are delighted to partner again with the World Bank and BNP Paribas to support this large-scale ecosystem project in South Africa," said Tony Trzcinka, senior portfolio manager at Impax Asset Management. "While offering investors an attractive yield coupon, it will help deliver carbon sequestration, ecosystem recovery and biodiversity conservation."

Jake Harper from L&G highlighted the pension capital angle. "This marks our second outcome bond investment through our Nature and Social Outcomes strategy, showing how UK pension capital can support projects in emerging markets that bring together large-scale nature restoration with tangible social benefits, while delivering returns for pension savers," said Harper, head of EM Private Debt at L&G.

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