Norfund backs West African recycling company
Norfund has provided a loan to Mohinani Group to expand its plastic recycling operations.
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Norfund has provided a loan to Mohinani Group to expand its plastic recycling operations. The investment supports the conglomerate’s recycled polyethylene terephthalate (rPET) initiatives in Ghana and Nigeria.
“This collaboration with Norfund marks another major milestone in our sustainability journey. Together, we are intensifying efforts to close the loop for bottle-to-bottle recycling across West Africa and beyond, while creating more jobs, enhancing the circular economy, and driving environmental impact,” said Ashok Mohinani, chairman of the Mohinani Group.
The Mohinani rPET facilities in Ghana and Nigeria, managed by Polytanks Ghana and Sonnex Packaging Nigeria, respectively, have the capacity to produce 15,000 tonnes of recycled PET resins each annually. This will substitute virgin PET resins used for food-grade packaging bottles and containers.
“This investment in Mohinani Group aligns with our efforts to develop the plastic recycling sector, one of Norfund’s investment areas, in collaboration with industrial partners. By supporting the company to build high-capacity recycling infrastructure, we aim to buttress and develop collection chains, help to create jobs and improve lives, reduce dependency on imported inputs and decrease the amount of unmanaged waste,” said Naana Winful Fynn, regional director for West Africa at Norfund.
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