N50bn Green Bond to be floated to finance #CleanerLagosInitiative

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August 11, 2017/Proshare WebTV

With a clear resolve to transform its environmental waste management process, through a strategic public-private partnership model, a N50bl Green Bond is being planned out for Lagos State.

The first tranche of N27bl will be issued from August 14, 2017 to span the next two weeks.This is structured through a special purpose financing vehicle powered by the “Waste Management Contractors Limited”.

To gain further insight into its financing, a Roundtable with key stakeholders in the Nigerian financial market and investment space, was organized to explore the prospects of the #CleanerLagosInitiative through the bond.

Giving his remarks at the event the Commissioner for Environment Dr S.B. Adejare stressed that the Lagos State government identified the value of the private sector in driving the economy, hence the need to partner with them to effectively finance the #CleanerLagosInitiative.

Dr Adejare said through the initiative Lagos State was engaging Visionscape to provide the required infrastructure for environmental waste management, that is sustainable.

He described the Roundtable as a key step in galvanizing efforts, to achieve long-term financing of waste management in Lagos.

Mr Dipo Wintoki the Executive Director, Eczellon Capital who expantiated on the bond, asserted that the N50bl Green Bond was an environmental impact investment, poised to improve the socio-economic landscape of Lagos.

Mr Wintoki assured investors that the 5 year tenure bond was fully guaranteed, with a coupon of 17.5%.

It is also projected that the initiative will create over 27,500 new jobs.

Vision scape is a leading global environmental utility group, providing turnkey solutions in the areas of sanitation, energy and wastewater treatment.

It operates in 5 countries with a workforce of 29,415 employees, processing 10,000 tons of waste daily and is engaged by Lagos State to manage its environment waste management structure, for the next 10 years through a concession.