Indorama Ventures secures $200-million loan to expand PET recycling
Canadian Plastics
MaterialsThe funding will help expand sustainability work, including PET recycling, in three countries.
Bangkok-based chemical company Indorama Ventures plc is borrowing $200 million from the International Finance Corporation (IFC) to help expand sustainability programs, including PET recycling, in India, Thailand and Indonesia.
IFC is a member of the World Bank Group and is focused on private sector development in emerging markets, Indorama officials said in a July 1 statement.
“The funds will be used to finance sustainability initiatives that bolster [our] leading strategic footprint in PET recycling,” the company said.
The money will enhance efficiency at the company’s existing recycling facilities at Nakhon Pathom and Rayong in Thailand, launch a state-of-the-art plant in Karawang in Indonesia, and establish new recycling plants in India.
Additionally, the financing will reimburse costs incurred in 2023 and 2024 for sustainability projects.
“Our continued collaboration with IFC is an important part of our ongoing investment in sustainability, allowing us to expand our recycling capabilities and make a meaningful impact on the environment and communities in key emerging markets,” said Yash Lohia, chairman of the Environmental Social and Governance Council at Indorama, in the statement.
