Dubai-based integrated waste management company Averda announced on Thursday that it has signed a $30 million loan agreement with the International Finance Corporation (IFC) to drive its growth plans in Oman, Morocco, and South Africa.

Averda said in a press statement that the agreement marks IFC’s first investment in the private waste management sector in Africa and the Middle East, and is aligned with the World Bank Group’s Climate Change Action Plan of 2021-2025 to boost climate finance to developing countries and IFC’s commitment to supporting cross-border investments.

Malek Sukkar, the CEO of Averda said: “This IFC loan will help us all by significantly accelerating our sustainable projects in Oman, Morocco and South Africa. It will allow Averda to reduce the waste sent to landfill while increasing the volumes composted, recycled and transformed into energy, progressing us towards a more circular economy.”

In April 2021, Zawya Projects had reported that Averda had successfully refinanced its $148 million term loan with a $30 million green loan from HSBC.

The company provides waste management services to more than 60,000 private and public sector clients, covering around 12 million residents across eight countries in the Middle East, Africa, and South Asia, according to the press statement.