Tuesday, August 22, 2017

Lagos backs N50bn corporate bond to fund #CleanerLagosInitiative

Lagos backs N50bn corporate bond to fund #CleanerLagosInitiative
August 11
12:10 2017

The Lagos state government says a N50 billion green bond for waste management in the state, has been launched.

Speaking at a roundtable discussion with stakeholders to explore the prospects of the #CleanerLagosInitiative through the bond, S.B. Adejare, Lagos commissioner for environment, said the bond is a partnership between the state and the private sector to achieve long-term financing of waste management in the state.

The first tranche of N27 billion will be issued on August 14 and is expected to span two weeks.

Adejare said the state is engaging Visionscape to provide the required infrastructure for environmental waste management that is sustainable.

This is structured through a special purpose financing vehicle powered by the “Waste Management Contractors Limited”.

Dipo Wintoki, executive director, Eczellon Capital, said the bond was an environmental impact investment aimed at improving the socio-economic landscape of Lagos.

The bond, which has a five-year tenor at 17.5% interest, is projected to create 27,500 new jobs.

Visionscape is a global environmental utility group that provides turnkey solutions in the areas of sanitation, energy and wastewater treatment.

It’s been engaged by Lagos state to manage its environment waste management structure for the next 10 years through a concession.

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