The International Finance Corporation (IFC) released a USD39 million to Engee PET Manufacturing Company Nigeria Ltd for the financing of a new recycling plant in Nigeria.
The financing includes the USD24 million senior “A” loan from the IFC and a $15 million subordinated loan from the Private Sector Blend Facility, provided by the International Development Association.
Engee Manufacturing, a manufacturer of polyethylene terephthalate (PET), is constructing a continuous polymerization PET resin plant in Ogun State, south-western Nigeria. It would be fully operational within 2 years.
The facility will derive more than 20% of its raw material from local plastic waste, helping Nigeria to advance the plastic bottle recycling and manufacturing sectors. It would double the country’s number of recycled plastic bottles by redeploying up to 30,000 tons of used plastic bottles each year.
According to official data, the country generates some 32 million tons of waste per year, of which 2.5 million tons is plastic waste.
