Dubai-headquartered international waste and recycling company Averda said on Thursday that it has secured a $45 million investment loan from the US International Development Finance Corporation (DFC) for the development, construction and operation of plastics recycling facilities in Africa and India.

Averda’s Chief Executive Officer Malek Sukkar said. “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. Building local processing capacity is a key cornerstone of the circular economy we need to develop in all markets, including these emerging ones.”

Chief Finance Officer, Samir Sharma, added: “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 DFC included Averda’s projects in the latest round of quarterly investments, totalling more than $1.1 billion, that DFC is making in 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.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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