Dubai’s Averda secures $45m investment from US firm to develop recycling facilities

Dubai’s Averda secures $45m investment from US firm to develop recycling facilities

Averda, the Dubai-based waste and recycling company, 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. Averda’s CEO Malek Sukkar, said the investment support will accelerate the company’s “plans to build plastics recycling capacity in markets which need it most”. “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. Building local processing capacity is a key cornerstone of the circular economy we need to develop in all markets, including these emerging ones,” said Sukkar. Averda’s CFO Samir Sharma, added: “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. Our corporate growth strategy, Renew24, will see us expand our sustainable waste treatment services over the coming years to ensure as much waste as possible is diverted from landfill.” Sharma added that this investment loan,