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Averda, the international waste and recycling company, has been approved for a US$45mn investment loan from the US International Development Finance Corporation (DFC) for the development, construction and operation of plastics recycling facilities in Africa and India

AdobeStock 139794943Averda will expand its plastics recycling capacity in Africa. (Image source: Adobe Stock)

Averda’s CEO Malek Sukkar welcomed the announcement. He 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. 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.”

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