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Dubai: Dubai-based waste management firm Averda has been approved for a $45 million investment loan from the US International Development Finance Corporation (DFC) for the development, construction and operation of plastics recycling facilities in Africa and India.

“We are delighted to be approved for this investment support which will accelerate our plans to build plastics recycling capacity in markets which need it most,” said Averda’s CEO Malek Sukkar. “The problem of plastic pollution is one of the great challenges of our age and we are determined to build the facilities and systems to see these materials collected, sorted and recycled locally so that they can be reused in manufacturing.”

The US International Development Finance Corporation (DFC) included these Averda projects in the latest round of quarterly investments which total more than $1.1 billion that DFC is investing toward innovative and promising development projects around the world.

“This investment not only unlocks the necessary funding to fast-track our ambitious plans, it also represents a vote of confidence from one of the most rigorous funding institutions in the world,” said Averda’s Chief Finance Officer, Samir Sharma.