The International Finance Corporation (IFC) has signed a landmark agreement with Averda International, one of the largest privately owned integrated waste management companies in the Middle East and Africa, to help bring innovative waste solutions to emerging markets in the two regions
IFC will provide a US$30mn load to build Averda’s resilience post-pandemic and enable it to continue its planned growth in Oman, Morocco and South Africa.
The agreement marks IFC’s first investment in the private waste management sector in Africa and the Middle East and will help deliver climate benefits through private-sector-led integrated waste management services.
Averda provides waste management services to more than 60,000 private and public sector clients, covering around 12mn residents across eight countries in the Middle East, Africa, and South Asia. The company is increasingly focusing on sustainable solutions that extract value from waste, reducing the use of the planet’s limited natural resources and driving the circular economy.
“Humankind is in a race to change the way we use our resources and it's a race we can't afford to lose,” said Malek Sukkar, the CEO of Averda. “This IFC loan will help us all by significantly accelerating our sustainable projects in Oman, Morocco and South Africa. It will allow Averda to reduce the waste sent to landfill while increasing the volumes composted, recycled and transformed into energy, progressing us towards a more circular economy.”
Hela Cheikhrouhou, IFC's regional vice president for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan, commented, "Recycling the rapidly growing volume of waste to eliminate permanent harm to the environment is crucial to minimise damage to our fragile ecosystems, water bodies, and air quality. This partnership is also an excellent example of how IFC supports innovative UAE-based companies in expanding their footprint to emerging markets.”