Oct 4, 2023

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Norfund entering plastic recycling in Nigeria and Ghana

Norfund is making its first two direct investments in plastic recycling in Africa in Nigeria and Ghana. “By showcasing functioning models, we can enable the development of an industry that is crucial in tackling the challenges of plastic pollution while creating a large number of jobs,” says Mr Carl Johan Wahlund, Investment Director for Green Infrastructure at Norfund.

Norfund has committed EUR 2 million as a convertible loan to Wecyclers Nigeria Limited, a recycling company based in Lagos. At the same time, Norfund is announcing a USD 10.5 million investment in Miniplast Ghana Ltd, a leading plastics manufacturer based in Accra, to support its recycling capacity. The investment in Wecyclers will finance a new plant for the recycling of PET-bottles for use in new bottles locally and in Europe. The plant will be located in Ogun state in Nigeria and have a capacity of 12 000 ton per year. Norfund’s investment in Miniplast will go towards purchasing new manufacturing equipment and machinery to increase the company’s recycling capacity to 1 700 tonnes a month.

“While the contributions of these two investments may seem small compared to the overwhelming challenge of plastic pollution, by showcasing a functioning model, they enable the development of an industry and the promotion of a culture of waste management. They will be Norfund’s first of many planned investments into the sector”, concluded Mr Wahlund.

For more information on Norfund visit www.norfund.no

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