The US International Development Finance Corporation (DFC) has awarded a $45 million investment loan to Averda, a Dubai-based waste and recycling company, for the development, building, and management of plastics recycling facilities in Africa and India.

Malek Sukkar, CEO of Averda, said the investment will help the business speed its "plans to create plastics recycling capacity in markets that need it most."

"We are determined to establish the infrastructure and procedures to have these materials collected, processed, and recycled locally so that they can be reused in manufacturing, as pollution is one of the big concerns of our age. Building local processing capacity is a critical component of the circular economy that we must expand in all markets, including these new ones." Sukkar added.

"This investment not only unlocks the necessary money to fast track our ambitious goals, but it also represents a vote of confidence from one of the world's most rigorous finance organisations," said Averda's CFO Samir Sharma. In the next years, as part of our Renew24 business growth strategy, we will extend our sustainable waste treatment services to guarantee that as much waste as possible is diverted from landfill."

Sharma stated that this investment credit, together with the green finance received from HSBC, would help the company grow faster.

DFC's board of directors included Averda's initiatives in the most recent round of quarterly investments, which totaled over $1.1 billion in funding for innovative and ambitious development projects around the world.

"This quarter, DFC approved major projects that will benefit global efforts to address the climate catastrophe, boost inclusive growth and gender equity in poor countries, and more," said Dev Jagadesan, interim CEO of DFC.