Middle East

Dubai’s Averda has secured $ 45 million from a U.S. company to develop a recycling facility

Averda, a waste and recycling company based in Dubai, has been approved by the U.S. International Development Finance Corporation (DFC) for a $ 45 million investment loan to develop, build and operate plastic recycling facilities in Africa and India. I did.

Averda CEO Malek Sukkar said investment support will accelerate the company’s “plans to build plastic recycling capacity in the markets it needs most.”

“The problem of plastic pollution is one of the major challenges of our time, and we are determined to build facilities and systems to collect, sort and recycle these materials locally so that they can be reused for manufacturing. Building local processing power is an important foundation of the circular economy that needs to be developed in all markets, including these emerging markets, “says Sukkar.

Samir Sharma, CFO of Averda, said: Our corporate growth strategy, Renew24, aims to expand sustainable waste treatment services over the next few years to ensure that as much waste as possible is diverted from landfills. increase. ”

Sharma added that the investment loan, along with the green finance secured by HSBC, would accelerate its growth.

DFC’s board has included Averda’s project in the latest round of quarterly investment. It has invested more than $ 1.1 billion in innovative and promising development projects around the world.

“The major projects approved by DFC this quarter will help drive global efforts, including tackling climate crises, supporting inclusive growth and gender equality in developing countries,” said DFC CEO. Deputy Dev Jagadesan said.

https://gulfbusiness.com/dubais-averda-secures-45m-investment-from-us-firm-to-develop-recycling-facilities/ Dubai’s Averda has secured $ 45 million from a U.S. company to develop a recycling facility

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