Press release -
Swedfund finances alternative fuels study in Lagos, to reduce emissions
Swedfund’s Project Accelerator has entered into a grant agreement for a study on the possibilities of introducing alternative fuels for Lagos public transport system, a development aimed at reducing emissions, especially CO2.
Lagos, Nigeria, one of the world’s largest cities with a population of more than 20 million people, has a public transport system running on fossil fuels but the Lagos State Government has an ambitious plan to cut down emissions in public transport and its climate footprint. As a first step, Lagos Metropolitan Area Transport Authority (LAMATA) plans to assess different alternative fuels for public transport and the potential for alternative fuels to form part of the state’s public transport in the future.
LAMATA’s plan is considered a platform that could also create opportunities for new players in Lagos’ transport system, including Swedish companies.
“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.
Swedfund and LAMATA entered into a Grant Agreement on 15 March 2023 which entails that Swedfund provides grant funding for the alternative fuels study. The parties are now preparing the procurement of a consultant to carry out the study.
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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
