ECONOMYNEXT – Sri Lanka recycler BPPL said it had received 15 million US dollars from the US International Development Corporation to expand its polyester and monofilament yarn plant which uses waste plastic as the main raw material.
The loan provided by DFC has a 10-year tenure with a three-year grace period and is subject to regulatory approvals.
BPPL will use the funds to double the PET plastic bottle collection centres and increase the company’s bottle washing capacity.
It has 480 waste plastic collection centres now.
It also wants to increase the monofilament capacity by 40 percent and polyester yarn production by 55 percent per annum in the next 4-5 years.
“This serves as a timely boost, assisting BPPL to further enhance many key aspects of our operations. The development that will come about through this initiative will positively impact the country economically, socially and environmentally,” BPPL Holdings PLC Managing Director and Chief Executive Officer, Anush Amarasinghe said.
The company said the funding will increase the waste plastic collected in the country to approximately 6,000 tons per annum.
“DFC’s investment in BPPL will promote transformative and sustainable development in Sri Lanka,” said DFC Chief Climate Officer Jake Levine.
“Together, DFC’s financing and BPPL’s proven track record will boost economic growth while helping to advance a vision for a circular economy, which is ultimately a critical part of the work to address the climate crisis.” (Colombo/May26/2022)
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
{{#message}}{{{message}}}{{/message}}{{^message}}Your submission failed. The server responded with {{status_text}} (code {{status_code}}). Please contact the developer of this form processor to improve this message. Learn More{{/message}}
{{#message}}{{{message}}}{{/message}}{{^message}}It appears your submission was successful. Even though the server responded OK, it is possible the submission was not processed. Please contact the developer of this form processor to improve this message. Learn More{{/message}}
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
{{#message}}{{{message}}}{{/message}}{{^message}}Your submission failed. The server responded with {{status_text}} (code {{status_code}}). Please contact the developer of this form processor to improve this message. Learn More{{/message}}
{{#message}}{{{message}}}{{/message}}{{^message}}It appears your submission was successful. Even though the server responded OK, it is possible the submission was not processed. Please contact the developer of this form processor to improve this message. Learn More{{/message}}
This site uses cookies to help us improve and customize your experience. Learn more about how we use cookies in our cookie policy.
Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 1/1/20) and Privacy Policy and Cookie Statement (updated 1/1/20). Your California Privacy Rights. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Condé Nast. Ad Choices.
Gain clarity on the biggest stories of the day with our daily newsletter, Morning Briefing
© 2022 Echelon Media (PVT) Ltd. All Rights Reserved