The International Finance Corporation (IFC), has announced a $39 million financing package to build a Continuous Polymerisation PET Resin plant in Ogun State, which would source over 20 percent of its raw materials from local waste plastics, thereby strengthening Nigeria’s recycling and manufacturing sectors.
The financing package includes a $24 million senior ‘A’ loan from IFC and a $15 million subordinated loan from the International Development Association’s private sector window blended finance facility.
The funding, which would be released to Engee Manufacturing Limited, a Nigerian manufacturer of PET resin used in packaging soft drinks, and other household and pharmaceutical products, would help reduce the plastic wastes in the environment…
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