Dubai-based integrated waste management company Averda announced on Thursday that it has signed a $30 million loan agreement with the International Finance Corporation (IFC) to carry out its growth plans in Oman, Morocco and South Africa.
Averda said in a press release that the deal marks IFC’s first investment in the private waste management sector in Africa and the Middle East, and is aligned with the government’s climate change action plan. 2021-2025 World Bank Group to Boost Climate Finance for Developing Countries and IFC’s Commitment to Support Cross-Border Investments.
Malek Sukkar, CEO of Averda, said, “This IFC loan will help us all by dramatically accelerating our sustainable projects in Oman, Morocco and South Africa. This will allow Averda to reduce the waste sent to landfill while increasing the volumes composted, recycled and converted into energy, moving us towards a more circular economy.
In April 2021, Zawya Projects reported that Averda had successfully refinanced its $148 million term loan with a $30 million green loan from HSBC.
The company provides waste management services to more than 60,000 private and public sector customers, covering approximately 12 million people in eight countries in the Middle East, Africa and South Asia, according to the press release. hurry.
(Writing by SA Kader; Editing by Anoop Menon)