The US International Development Finance Corporation (DFC) has approved a $45 million investment loan to Averda, for the development, construction and operation of plastics recycling facilities in Africa and India.

 

Chief Executive Officer Malek Sukkar of Averda, the international waste and recycling company, warmly welcomed the announcement. “We are delighted to be approved for this investment support which will accelerate our plans to build plastics recycling capacity in markets which need it most. The problem of plastic pollution is one of the great challenges of our age and we are determined to build the facilities and systems to see these materials collected, sorted and recycled locally so that they can be reused in manufacturing. Building local processing capacity is a key cornerstone of the circular economy we need to develop in all markets, including these emerging ones.”

 

Averda’s Chief Finance Officer, Samir Sharma, said: “This investment not only unlocks the necessary funding to fast-track our ambitious plans, it also represents a vote of confidence from one of the most rigorous funding institutions in the world. Our corporate growth strategy, Renew24, will see us expand our sustainable waste treatment services over the coming years to ensure as much waste as possible is diverted from landfill. This loan, alongside the green financing we have secured from HSBC, is a further example of the range of options available to Averda to accelerate our growth.”

 

The Board of Directors of US International Development Finance Corporation (DFC) included these Averda projects in the latest round of quarterly investments which total more than $1.1 billion that DFC is investing toward innovative and promising development projects around the world.

“Thanks to the leadership of our terrific Board of Directors, DFC approved key projects this quarter that will help advance global efforts to tackle the climate crisis, support inclusive growth and gender equity in developing countries, and more,” said Dev Jagadesan, DFC’s Acting Chief Executive Officer.

-- TradeArabia News Service