UK Recycling project given funding boost

14 April 2009 — 5:00 PM

The money may have secured the future of the project

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 recyclerADNFCR-2059-ID-19119145-ADNFCR

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