Lagos — The N18.5billion seven-year fixed rate bond floated by the Imo State Government is to be used essentially for infrastructural development of the state.

The offer which closed on June 30, 2009, according to its guidelines, is to be used as part financing for the Imo Wonder Lake and conference centre, Oguta, a tourism facility with a total cost of N60.27billion.

Other projects targeted include Phase One of the sustainable rehabilitation of 37 semi-urban water supply scheme and the construction and rehabilitation of 16 state roads with a total cost of N10.24billion.

The bond which is due to mature in 2016, is expected to be listed on the Nigerian Stock Exchange (NSE) after necessary approval must have been secured.

According to the brochure for the offer, the bond provides a fixed income which is payable semi-annually and it is secured by an irrevocable standing payment order on the state's statutory allocation