UK Recycling project given funding boost
14 April 2009 — 5:00 PM
Consumers in the north-west looking to recycle mobile phones may be inspired by a new initiative.
It has been announced that funding has been finalised for a new project in the Greater Manchester region that aims to cut the amount of waste that goes to landfill by up to 75 per cent.
Formed as part of a joint deal between Viridor and Laing, the £585 million scheme has received financial backing from the Bank of Ireland's Global Project Finance (GPF) team to ensure it will go ahead - despite "unprecedented market conditions".
Adrian Olsen, managing director of the GPF team, said: "It is extremely gratifying that, at a time of extraordinary financial and economic disruption, it has been possible to successfully secure [these] financing arrangements."
The Bank of Ireland - which saw share prices of its ordinary stock close at 0.84 (75 pence) before the bank holiday weekend - has agreed to commit £95 million to the deal itself.
Environmental news brought to you by envirofone, the environmentally friendly mobile phone recycler
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