Swedfund supports Lagos State Government’s plan to reduce climate footprint through alternative fuels in public transport

Swedfund supports Lagos State Government’s plan to reduce climate footprint through alternative fuels in public transport

(IN BRIEF) Swedfund’s Project Accelerator has signed a grant agreement with the Lagos Metropolitan Area Transport Authority (LAMATA) to carry out a study on introducing alternative fuels to Lagos’ public transport system. The study aims to reduce CO2 emissions and support Lagos’ ambitious plan to reduce emissions in its public transport. The city has a public transport system running on fossil fuels, and LAMATA plans to evaluate various alternative fuels for public transportation. The grant agreement could also create opportunities for Swedish companies to enter the transport system in Lagos.

(PRESS RELEASE) STOCKHOLM, 24-Apr-2023 — /EuropaWire/ — Swedfund, the Swedish Government’s development financier, announces that its Project Accelerator has signed a grant agreement for a study on the feasibility of introducing alternative fuels to Lagos’ public transport system. The study aims to reduce emissions, particularly CO2, and is a response to the Lagos State Government’s ambitious plan to reduce emissions and its climate impact. The city of Lagos, Nigeria, with a population of over 20 million people, currently has a public transport system that runs on fossil fuels. However, the Lagos Metropolitan Area Transport Authority (LAMATA) plans to evaluate various alternative fuels for public transportation and assess the potential for these fuels to be incorporated into the state’s public transport system in the future.

“This is an excellent example of how we through the Project Accelerator can assist countries and cities to develop sustainable and investble solutions,” says Karin Kronhöffer, Chief Strategy and Communications Officer, at Swedfund.

The plan is considered to be a platform for new players to enter Lagos’ transport system, including Swedish companies. Swedfund and LAMATA have signed a Grant Agreement that includes grant funding for the alternative fuels study. The parties are now working on procuring a consultant to carry out the study.

About Swedfund

Swedfund is Sweden’s development finance institution with the mission to contribute to poverty reduction through sustainable investments in developing countries. Our investments in the private sector contribute to a growing number of jobs offering decent working conditions and increases access to essential products and services like electricity and healthcare. Climate and gender are themes that permeates our investment process.

Swedfund invests in energy & climate, financial inclusion and increased access to capital for micro, small and medium-sized companies as well as healthcare and digitalization.

We are part of Swedish development corporation, and we measure and report all our results. As a state-owned company, Swedfund is managed by the Ministry of Finance. We are financed through reflows from the portfolio and capital injections from the development assistance budget. The return from the portfolio finances our operations and we reinvest reflows from our portfolio in new projects, i.e. we recycle our capital injections.

For more information: please visit www.swedfund.se/en| www.edfi.eu

Media contact:

Karin Kronhöffer
PRESS CONTACT
Director, Strategy & Communication
karin.kronhoffer@swedfund.se
+46 72 050 31 91

SOURCE: Swedfund International AB