- Averda receives a loan facility from the World Bank Group’s subsidiary.
- The loan will cover the development of waste recycling plants in Africa and the Middle East.
Averda is set to receive a $30 million loan from the International Finance Corporation (IFC) to finance solid waste recycling in Africa and the Middle East.
According to the IFC, “this is our first financing in the private waste management sector in Africa and the Middle East.” It noted that the loan to Averda aligns with the group’s 2021-2025 Climate Change Action Plan, which aims to boost climate finance for developing countries. Averda will leverage the $30 million in financing to improve waste management. In particular, the company plans to reduce the amount of waste going to landfills while increasing the amount composted, recycled and converted to energy in Morocco and South Africa.
The World Bank, in a recent report, projects that waste production will triple in sub-Saharan Africa and double in North Africa in the coming years. Averda wants to support Morocco and South Africa in the development of the circular economy and the protection of the environment and human health.