37 Million Dollars for Plastic Recycling in Ghana and Nigeria

Key Financing for a Greener Industry

The International Finance Corporation (IFC), the World Bank’s private sector arm, has granted a $37 million loan to the Mohinani Group, a specialist in plastics and packaging materials. The financing is aimed at developing polyethylene terephthalate (PET) recycling plants in Ghana and Nigeria.

Plants to replace virgin PET

The project will see the installation of two industrial units, managed by subsidiaries Polytank Ghana Limited and Sonnex Packaging Nigeria Limited, with an annual capacity of 15,000 tonnes of recycled PET resins (rPET) each. These recycled resins will replace virgin PET used in the food and packaging industries.

A Major Economic and Ecological Impact

• Reduced imports: Each country will save $21 million a year by reducing its dependence on imported PET resins.
• Support for local businesses: 90% of raw materials will be collected by small local businesses specializing in recycling.
• Lower greenhouse gas emissions: The use of recycled plastics will reduce the plastics industry’s energy footprint.

A commitment to the future

According to the IFC, the plants will recycle up to 30,000 tonnes of PET waste per year, turning an environmental problem into a valuable resource. They will also contribute to the creation of over 4,000 direct and indirect jobs.

This project is in line with the vision of the World Bank Group’s Climate Change Action Plan 2021-2025, which promotes the reduction of virgin plastics and the transition to a circular economy in West Africa.

Conclusion

Thanks to this funding, Ghana and Nigeria are setting a milestone in the fight against plastic pollution. By promoting recycling, reducing imports and creating jobs, this project marks a step towards a more sustainable and resilient economy in the face of environmental challenges…