The International Finance Corporation (IFC) has signed an agreement with Averda International, one of the largest private integrated waste management companies in the Middle East and Africa, to help provide innovative waste management solutions in the emerging market economies of the two regions.
Averda provides waste management services to more than 60,000 public and private clients covering nearly 12 million residents in eight countries in the Middle East, Africa and South Asia. The company increasingly is focusing on sustainable solutions that extract value from waste, reduce the use of finite natural resources and promote a circular economy.
The IFC will provide a $30 million loan to build Averda's capabilities to withstand the lingering effects of the COVID-19 pandemic and enable it to continue its growth in Oman, Morocco and South Africa. This agreement is the IFC's first investment in the private sector for waste management in Africa and the Middle East.