Sri Lanka’s plastic recycling capabilities and infrastructure are set to soar with BPPL Holdings PLC, the country’s pioneer in the field, securing long-term funding of US$ 15 million from the International Development Finance Corporation (DFC) of the United States of America.
The funds raised from DFC, the development finance agency of the United States Government, will enable BPPL to expand its monofilament and polyester yarn operations, which use plastic waste as its primary raw material.
This will generate greater export earnings for Sri Lanka whilst addressing the hazardous practices of plastic disposal-one of the country’s critical environmental problems.
The new funding will be used to expand operations to double the number of PET plastic bottle collection centres and the company’s bottle washing capacity, and to enhance monofilament and polyester yarn production by 40 percent and 55 percent per annum, respectively, over the next 4-5 years.
“BPPL’s success in securing this funding from one of the world’s leading providers of development finance is a testament to our strength and stability, as well as an endorsement of our mission,” BPPL MD/CEO Dr. Anush Amarasinghe said.
The loan provided by DFC has a 10-year tenure with a three-year grace period and is subject to regulatory approvals.