City Corporation issues external borrowing to fund major capital projects

The City of London Corporation has agreed to raise debt totalling £450 million to help fund an ambitious programme of major projects designed to benefit the Square Mile, London and the UK.

External debt worth £250 million will be issued from September 2019, with a further £200 million raised from July 2021, following strong demand during the placement. The former has been issued in line with the City of London Corporation’s Green and Sustainable Financing Framework.

The borrowing will provide an attractive method of funding a number of major capital projects, which include plans to: consolidate three wholesale food markets and relocate the Museum of London.

Jeremy Mayhew, Chairman of the City Corporation’s Finance Committee, said:

“I’m very pleased that we have agreed a prudent means of financing these major projects that will enable us to invest with confidence for the future.

“These projects should create a legacy for London but require substantial investment, which will be financed in a number of ways, including external borrowing.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk