IFC releases $39 million for Engee recycling plant in Nigeria

THE INTERNATIONAL Financial Corporation (IFC) has extended a $39 million loan to Engee PET Manufacturing Company Nigeria Limited. It will use the financing to build a plant that derives more than 20 percent of its raw material from local plastic waste.

According to estimates, the new plant is expected to double the number of recycled plastic bottles

in Nigeria, redeploying up to 30,000 tons of used plastic bottles a year. Nigeria generates around 2.5 million tonnes of plastic waste per year, 70 percent of which ends up in landfills, sewers and water bodies.

“The plant’s collection, cleaning and treatment processes are sufficient to accelerate the evolution of plastics recycling in the country and support jobs along the recycling value chain. This will be a great victory for the Nigerian economy and its environment,” said Alexander Gendis, Managing Director of Engee Manufacturing.