The International Finance Corporation (IFC), a member of the World Bank Group, has signed a landmark new agreement with UAE-based leading global waste recycling company Averda in order to bring innovative waste solutions to emerging markets in Middle East and Africa (MEA) region.
IFC said in a statement that it will provide a $30 million loan to build the UAE-based company’s resilience post-pandemic and enable it to continue its planned growth in Oman, Morocco, and South Africa.
Further, the groundbreaking agreement will help deliver climate benefits through private-sector-led integrated waste management services.
The agreement marks IFC’s first investment in the private waste management sector in Africa and the Middle East.
“Humankind is in a race to change the way we use our resources and it’s a race we can’t afford to lose. 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.”
Ms. Hela Cheikhrouhou, IFC’s Regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan, said that, “Recycling the rapidly growing volume of waste to eliminate permanent harm to the environment is crucial to minimize 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,” Ms. Cheikhrouhou added.
According to the statement, “IFC’s cross-border investments with Gulf Cooperation Council-based companies to date stands at $5.1 billion from IFC’s own account and $3.4 billion in mobilization, financing 148 projects totaling $22 billion.”