For FirstRand Bank to review
FirstRand Bank has not yet seen this page. It describes the organisation only through what it and its partners have said in public. The Forum has not approached FirstRand Bank about anything. Until FirstRand Bank has approved the text, it may change. Questions for FirstRand Bank:
- Is this description of FirstRand Bank and its role in the Cape Water bond correct? What would you like to change?
- Is the FirstRand Foundation’s role, and the size of its commitment, described correctly?
- Which catchments does the bond pay for? Do any of them lie in the Riviersonderend mountains?
- Should readers reach you through the moderators, or through a public contact?
FirstRand Bank Limited is the main South African bank of the FirstRand group, which is based in Johannesburg [IC]. Its divisions include First National Bank (FNB), Rand Merchant Bank (RMB), and WesBank [IC]. In April 2026 it issued the Cape Water Performance-Based Bond, which pays for clearing invasive plants in catchments that feed Cape Town’s dams [IC]. The valley lies downstream of the largest of those dams, Theewaterskloof [IC].
What the letters in square brackets mean
Facts on this page are followed by a tag that shows where they come from.
- [IC] Independently Corroborated. Confirmed by an official record, such as a stock exchange notice or a government publication, or by at least two sources that do not depend on each other.
- [MS] Mission-Sourced. Comes from the organisation’s own releases or website, or from the releases of its partners in the same programme. It has not been checked against sources that do not depend on them.
- [TBV] To Be Verified. Seems likely, but nobody has confirmed it in writing yet.
At a glance
| Kind | Bank |
| Based in | Johannesburg [IC] |
| Website | firstrand.co.za |
| Role | Issuer, project agent, and conditional funding donor, Cape Water Performance-Based Bond [MS] |
| Link to the valley | Indirect. The bond pays for clearing in the catchments of the water supply system whose largest dam lies upstream of the valley |
| Contact with the Forum | Not approached |
What it does
FirstRand Limited is the holding company of FirstRand Bank, and is listed on the Johannesburg Stock Exchange and the Namibian Stock Exchange [IC]. FirstRand Bank works through separately branded divisions: FNB for retail and commercial banking, RMB for corporate and investment banking, and WesBank for vehicle and instalment finance [IC].
How its work reaches the valley
The bond. FirstRand Bank issued the R2.5 billion Cape Water Performance-Based Bond, listed on the Johannesburg Stock Exchange on 17 April 2026 under the code FR31PB [IC]. Part of what investors earn is linked to independently verified restoration [IC]. FirstRand Bank describes its roles as issuer, project agent, and conditional funding donor [MS]. RMB arranged the bond [MS]. The co-anchor investors were the International Finance Corporation, with about R1.6 billion, Aluwani Capital Partners, with R350 million, and FSD Africa Investments, with R234 million [IC]. FirstRand’s Group Treasurer said one of the key aims was to “make nature an investable asset class” [MS].
The FirstRand Foundation. The FirstRand Foundation is the bond’s anchor outcomes-based funder, and coordinates its philanthropic partners [IC]. RMB’s launch announcement gives the Foundation’s anchor commitment as R50 million [MS].
Where the money goes. The Nature Conservancy South Africa receives R150 million over five years to clear invasive plants through the Greater Cape Town Water Fund, in remote priority catchments of the Western Cape Water Supply System [MS]. Conservation Alpha checks the results [MS].
The valley. Theewaterskloof Dam, on the Riviersonderend near Villiersdorp, is the largest dam in the Western Cape Water Supply System [IC]. The valley lies downstream of it, where the Gobos and Baviaans rivers join the Riviersonderend [IC]. Wild Restoration, which clears invasive plants in the Riviersonderend mountains above Greyton, has told the Forum that the Greater Cape Town Water Fund supports clearing in those mountains through a partnership with CapeNature [TBV]. Which slopes that covers, and whether they drain into the dam or into the valley’s own rivers, is not yet known.
Where it touches this site
- Ridge to River to Table, an idea not yet agreed, describes the bond and the parties to it.
- Restoring the River, an idea not yet agreed, explains the water fund and the bond as an example of what cities pay for clean water.
- From Water Access to Water Agency, an idea not yet agreed, cites the bond as proof that buyers for catchment results already exist.
- The Laws That Shaped the Valley lists the bond’s launch in April 2026 as a market signal.
What is still open
- Which catchments the bond pays for, and whether any lie in the Riviersonderend mountains.
- The bond’s full terms, which are in its listing documents and not yet read for this page.
Have your say
If you know more about FirstRand Bank’s work in the valley’s mountains or rivers, contact the moderators via How to Submit.
Related
- Organisations Outside the Valley
- Conservation Alpha
- Rand Merchant Bank
- The Nature Conservancy South Africa
- Greater Cape Town Water Fund
- City of Cape Town
- Wild Restoration
References
- JSE. JSE welcomes Africa’s first nature-linked performance-based bond (17 April 2026). The listing, the issuer, the FirstRand Foundation’s role, and returns linked to verified restoration.
- The Nature Conservancy. Cape Water Performance-based Bond launched (1 April 2026). The parties and their roles, the R150 million for clearing over five years, and the fund’s progress.
- BioConomy wiki. RMB Launches Africa’s First Nature-Linked Outcomes-Based Bond. A summary of RMB’s launch announcement, including the FirstRand Foundation’s R50 million and the planned series.
- Wikipedia. FirstRand. The group, its head office, its listings, and the divisions of FirstRand Bank.
- City of Cape Town. Dam levels (August 2026). The dams of the Western Cape Water Supply System and their capacities.
- Wikipedia. Theewaterskloof Dam. Its river, its owner, and its place in the Western Cape Water Supply System.
- Wild Restoration. Team and partners. Lists CapeNature among its partners. The link to the Greater Cape Town Water Fund was reported to the Forum in conversation and is not on this page.
- BioConomy wiki. Performance-Based Water Bonds. How bonds of this kind work, with the Cape Water bond as the first example.