Indorama Ventures, a sustainable chemical production company, has secured a seven-year loan of $200m from the International Finance Corporation (IFC).
The loan is set to bolster the company’s strategic sustainability programmes across India, Thailand, and Indonesia.
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It will also provide the company with the flexibility to convert into a sustainability-linked facility in the future based on agreed targets.
Indorama Ventures plans to enhance its polyethylene terephthalate (PET) recycling footprint and efficiency, including upgrades to existing recycling facilities in Nakhon Pathom and Rayong in Thailand.
Additionally, the loan will support the launch of an advanced plant in Karawang, Indonesia, and the development of new recycling plants in India.
The financing will also reimburse expenses from 2023 and 2024 tied to sustainability projects.
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By GlobalDataIndorama Ventures ESG Council chair Yash Lohia said: “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.
“As a global leader in the chemical industry, Indorama Ventures is dedicated to setting new benchmarks for sustainable practices and promoting a circular economy worldwide.”
Indorama Ventures has a history of sustainable and diversified financing strategies, including a $300m industry-first ‘blue loan’ in 2020.
This blue loan included a $150m senior loan from the IFC and parallel loans totalling $150m from the Asian Development Bank and Deutsche Investitions-und Entwicklungsgesellschaft.
IFC Thailand and Myanmar country manager Jane Yuan Xu said: “This loan exemplifies IFC’s commitment to fostering a circular economy and enhancing waste management in emerging markets.
“Together, we aim to leverage recycling as a powerful tool in managing plastic waste and advancing broader sustainability and climate change goals.”
