International Finance Corporation (IFC) is providing a $30 million loan to UAE-based waste management company Averda International to support its expansion in Oman, Morocco, and South Africa.

This is IFC’s first investment in the private waste management sector in Africa and the Middle East, the World Bank member institution and Averda said in a joint statement on Thursday.

Averda, which provides services to around 12 million residents across the Middle East, Africa, and South Asia, is looking at sustainable solutions in waste management.

IFC’s cross-border investments with Gulf Cooperation Council-based companies to date stands at $5.1 billion from IFC’s own account and $3.4 billion in mobilization, financing 148 projects totaling $22 billion, it said.