Morocco, Oman and South Africa will benefit from support from the International Finance Corporation (IFC) for waste management, according to a press release from Averda.
United Arab Emirates (UAE)-based waste management company Averda recently announced in a statement that it has secured $30 million in investment funds from the International Financial Cooperation (IFC) to develop in Morocco, Oman and South Africa enabling it to pursue its growth plans following the impacts of Dame Covid. Putting a little green in it, it is said that this agreement should also contribute to the fight against climate change.
The deal marks IFC’s first investment in private sector waste management, according to Averda’s press release. In Morocco, Averda-Maroc is to Casablanca what Averda is to waste management in addition obviously to the collection itou… in the economic capital of the Kingdom and until Nabila Rmili intervenes for the society at the edge of bankruptcy. The Mayor who had decided to give up a ministerial appointment (Health in this case for her municipal mandate) had prevented the company from sinking by regularizing the situation of arrears in her city. Indeed, this company which provides part of the delegated management of garbage collection had not been paid by the municipality until the new mayor arrived. It was because this made the metropolis fear an umpteenth crisis in the management of household waste.
But since then, many waters have flowed under the bridge. However, speaking in the context of the signing ceremony of the agreement with the IFC, Malek Sukkar, the CEO of Averda explained that the IFC loan will accelerate “significantly” Averda’s “sustainable projects in Oman, Morocco and South Africa“. As for the environmental impact of the project, Sukkar noted that the funds “will enable Averda to reduce waste sent to landfill while increasing the volumes composted, recycled and converted into energy“, the CEO adding that the project aims to bring the company closer to its main objective, namely: to participate in the circular economy which recycles 100% of its waste.
Averda has a pool of more than 60,000 private and public sector customers, managing the waste of nearly 12 million people in eight countries in the Middle East, Africa and South Asia. The company currently employs more than 14,000 people worldwide, helping to provide secure jobs to the communities it serves. Protection of the environment and human health is the company’s top priority, and it operates in full compliance with international quality control standards wherever it operates, currently, United Arab Emirates, Saudi Arabia, Oman , Qatar, Morocco, South Africa, Republic of Congo and India.
The International Finance Corporation (IFC) or IFC is the leading private sector-focused development institution in emerging countries. Within the World Bank Group, IFC’s mission is to promote economic development and improve the living conditions of populations by promoting the development of the private sector in developing countries. Coming back to waste management, the Moroccan Minister for Energy Transition and Sustainable Development, Leila Benali, announced on December 27 that the government had allocated an investment budget of up to 21 billion MAD (2.26 billion) to the National Household Waste Program (PNDM) by the end of 2021.
Benali then spoke in response during a weekly session in the House of Representatives, during the little game of oral questions to whom it may concern. The ministry has contributed MAD 3 billion ($324.11 million) to the PNDM’s investment to strengthen waste management and treatment in line with international standards, she said.